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* and sates 

no. 27,574 Friday June 2 1978 **i 5 P LAustin-Craw 

m 0604 34734- 


• C Uf, ' ;cr - :ro °* Street. lonrioHvi7?HS 

01-629 9232 

Friday June 2 1978 

NEws.gaanM K^ 

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l l : ,J »t L.VV- v 

l "*S 

rs Gilts 
Con im ’ 


supports £ 

UK steel missions 
to seek contracts 
during China tour 

_~*y» HoteT -jy £iy • EQUITIES undertone was 
- 3 e sis rw ■ V >■ firm, In spite of gloomy econo- 1 

v -*‘ z of tift» ! /'’*Vy ? .’ mic forecasts and disappointing | 

P-fioo. ^ *-V. ' figures from BP, and the FT 1 

'! t * ar Steel, the Liberal ordinar y index - wWch was 2.3 j 

V ** fc =:- leader; last night spelt out his up “I* P™* c,ost “ a en!y 0 6 off i 
'-‘S stcou^-.. -jiarty’s, conditions for entering 34 478>2 - ; 

^rVl aaj?s c ? e Conservatives O GILTS drifted lower in a 

form a minority' luw volume of trade, and the' 
iil? a:: government after the nest elec- Govenuneut Securities index I 
3 no Biorev: ;; - ; -.tum. .. .; ; - closed 0.23 down at 69.90. its, 

C l Mr: Steel’s four !* conditions ” lowest in 19?8. I 

. are: . An. end to the - confrcnta- A , ,, . 

tion. mentality ” regarding trades ® STERJJNG fell 60 points to 
>- -n Tv™, unions; retention of the National 51-8265, hut Bank of England 

-f 1 - i> u 7 ' rty.n .tor .immigrants. depreciation widened to 5.72 

er frrwjgfci" 1 ‘ . The, tone of Mr. Steel's speech per cent (5.62). 

•1 P a: ea only j- -showed that he would: he much . „ M A . 

Then. less comfortable in an alliance ® GOLD fell SI to S183{ m 

*.hv. 1575. with the Tories than be has been London, and' the New York 

se hy ''rna’ 'Yrth- Lahour. Back Page Comes June settlement price 

bur .» rrru a ■ - _ ■ • ' _ . ■ - was 30 points off at 5184. 

1? *.ha; 19^. with the Tones than be has been 
se hy sr oas wfth- Labour.- Back Page 

Guards ‘should 
*e :^76 !m : nbt be armed* 

The British Security Association 
: Jvif. =1; i; . .-.rejected. suggestions that security 
^ i-.v guards slkmid be armed after 

• WALL STREET dosed 0.09 
up at 840.70. 

■> ca? £ 

^ r-. - ..very 1; 
'rr-3lh .-.p?»r 
1 “n: ;;■« -35 s 
£0 4m proa:.; 
* • r.-::nr 

r : j Snrr 
d •- mic- ?:* ;a 

per.’ •■•m r?:* ; 

7^ ;! 1 - r, 2?.z * 

are m 


L r ri rof’i r 
h-J :i 

ith? t.»r. £■ t 



..rejected suggestions' th at security • COPPER fell £12^10 for eash 
guards' should be armed after wirehars to £761^5, its slide 
three raids' in 24 hours. A guard being stemmed by reports that 
was killed at the Daily Mirror , 

building on Wednesday, and there £pwt«w 

were two more armed raids yes- _ _ ^ ' 

terday, but the Association said B&fllgjDER 

tbatr-guards carrying guns would' ' - If lll^i E|| J ’ 

only encourage more criminals to - " a<n ml Biw I — 

do so. - 750 7 ySHlfilBB f 

NoiPifwsat Ten : 

News ;at Ten failed to appear ^ t~ 

on ITV after: the dismissal of . _ I HLai 

two technicians during a dispute _ f .. l S' 

over World Cup coverage. Mem- S''.- A. 1 - — 

bers of the men's union, the i» 

ACTT. which has been seeking - 65Qf-\ /*- - — J 

special payments for the cover- .§ : — j 

age, were called to a mandatory 5v \ f - 1 

meeting .wbich.coincided with the , 1 

World Cup opening ceremony. - 1 . • >» 

The missions were invited by 
Mr. Tang Ke. the Chinese 
Minister uf Metallurgy. He ended 
a 17- day visit to Britain on 

The invitation suggests that 
Britain is well in the running for 
substantial steel plant contracts 
from China. 

Sir Charles Viliiers, chairman 
of British Steel, and Sir John 
Buckley, chairman uf Davy Inter- 
national, wbu both visited China 
last autumn, arc- likely to take 
part in the forthcoming visits, 
with Mr. Clem Jansen, managing 
director of GEC's electrical pro- 
ducts division which specialises 
in steel mill electronics. 

Mr. Tang Ke and his steel 
industry colleagues are continu- 
ing their European tour with 
visits to West Germany and 
France, but this is not seen as 
cause for alarm in Britain. The 
Chinese are evidently planning 
such large scale re-equipment of 
tbeir industry that there will be 
room for a number uf different 

Austria, which the Peking 
mission visited before it came to 
Britain, is likely to send a 
similar team to China- The 
Japanese have alFeady contracted 
to build a 6m tonne steel plant 
on the coast near Shanghai. 

When Sir Charles Viliiers was 


The Chinese toured steel plants 
in Scotland, Wales and the North 
of England. They were impressed 
by British Sreel's success in 
modernising old plants, experi- 
ence which is relevant to their 
own needs. 

Chinese steel capacity is esti- 
mated at 30m tonnes a year. 
Planned output for 19S5 is 60m 
tonnes. The target for the year 
2000 is said to be IOOni tonnes. 

All Chinese crude steel- 
making facilities are at least 20 
years old. Peking has clearly 
decided that only imported 
equipment can speed the growth 
of the industry enough to make 
the target a reality. 

British Steel International, an 
offshoot of British Steel, is 
equipped to supply complete 

t. v.vre $ 

West Germany 

Poland 1*"“ '•!*» fg MAR 'AW may jum J 

2tare would JfulfiL.inly. SO. per 
jsuemps of its eoppet defivery con- 

£1.6bn Egypt telepl 
deal ‘going to U.S, 

-’■■■■ **■ jraftrw-ai tf wabj # federal reserve and 

■* ^••-r s2 _ s irim and the OLS. are likely to Tteasu#' support for the dollar 

urc. agree a -.draft nuclear '.non- continued -at near-record levels 

:r.-5 proliferation treaty In the next in the three months February to 

i ‘I'.' J-i i- - few weeks^ejearing the way for April, Back Page 
jr.r-ro7CT?r“ the. resumption -of commercial ^F^lRhTJK: mar receive almost 

no J 15 y -eight nuclear power stations. ^ £1S0ni lnve8taieQt needed to 
e vp-.-€S a- establish it new ensine plant at 

iein Car cost survey . -%$**>;**& Wales. Back 

■ S^UK^KlWfiD^De^rnUe T'rise ® TOP salary earners have taken 

S'KS ^SSi a faHing share 01 total 

1974 according to; a survey by personal incomes over the years 

Tferta cS^Leasui. ' c ^Tage 8 betwe^f 7949 and the financial 
-ir^ Hertz uar ^easizie- ... .fvs yoar • 1975.76, according to 

I Dark blue movie Govamment statiaucs- page 8 

0 * Police in £Wnc?st«r v who .hid a .S ipW, PAID Price 

% camera in- tbe' Aown’s squash moffltormg movements in tfie 
S courts changing vioom after u co£ jof living -for lower paid, 
y number: “S "-Siefte • ' tan the vortoers, launched yesterday, 

^ JESslss£S ks. 

iComhuiea *jj>eras*ras . 

Jters in Salishuty.TaniibnnTOd 
P46 blacks^ iiadT^ed;ii>- 'ihe ; , 
| few ' days j.df r 


^ iKhocreS5^ ,ao^^«^ /.^ iiusEgN' coixEGE traae- 

Bbadnuafc .unipn.research iihit. has attacked 
and masleadinffja 
5*- - Employmert- 

I few -advocating work- 

£ ;«s a way of reducing.; 

I true»rrllla : <y>UiboiatorS and: tiiree Tpem^oymeDt. .Back Page 

I members- l°£^-^Lfft^^GINEERING. which; 

g Four members' . of - Mr, was taken -oter . bp the 'NationaV- 

I ZANU in January -ia 

| ians -who,:have . t0 ; c i 0 se,:and- its 330 employees, 

guarrillas. . " '’arNe*burh'Tie ; ar Newcastle-upoh- 

I in Lusaja, Briteb euvoy i$T. •fy oe “ 1 ^ai ins^ their jobs. Page T: 
John GridJam;’araye(Lfor private. . .. - r.v-..-- ; . . - 

[3C3 talks witb ZariSJian dfficia& about ^BSe has begun its dnye to cut: 
.-eg the Rhodesia SOTiituin. Pagd 5 . - Tihe- dumber of its white-collar 
"fi. ./•>:* •: - '‘5t^ ; wjtir-the announcement that 

. - /iUvGower Street office; central 

a-; Brief ly^^r -.7 :LbndorC:Wbich employs 400 Staft;. 

'* S' -V y is tQ 'cloSC.y'Hack PaRC ■ 

Zaire's ~ - Prudent :-' ; 3Rbbu tiL; -h ds- - • ••... • - 

.-a re prieved p-Tojmef-g CSKPAll 1 ES .'.'v- ■ 

^ t’s 

to death for-" eowardse&’-t aimpionced, .a : J2L9 per cent in- 

8 o 'ss “ j: 

0 ExplosSon& y rocked a / ^ ^.-(exjwrtad tb^theJET.'S., .for replace-: 

r eflnery near Toronto and it baa ^entvof a gasket part. Page 32 i 

TRUST cor- 


THE WORLD’S largest telecomr 
muiScations contract— to develop 
the Egyptian telephone network 
— is likely to go to a consortium 
of American companies. 

The contract will be worth at 
least $3bn f£L65bn) over the 
next five years, and could be 
worth S20bn over 20 years. 

The consortium is the A T and T 
subsidiary ,of Western. Electric, 
the world’s biggest telecommuni- 
cations manufacturer; General 
Telephone and Electronics Cor- 
poration. the second biggest 
manufacturer; and Continental 
Telephone Corporation, the 
telecommunications consultancy 

For Western, the deal would 
provide the big breakthrough 
into'- the world telecommunica- 
tions- market it has been seeking 
'for tbe past two years to make 
up for the fact that growth in 
the American market no longer 
matches its capacity. 

' Mr. Anwar Sadat the Egyptian 
President met top officials of 
the companies in Cairo this week 
to discuss their proposals for the 
telephone system. 

•‘. Present were: Mr. John D. 

de Biitts, chairman of AT and T; 
Mr. Charles L. Brown, president 
of AT and T; Mr. Donald E. 
Procknow, president of Western 
Electric; Mr. John J. Douglas, 
vice-chairman of GTE; and Mr. 
Charles Wohlstetter, chairman of 

Their proposals were based on 
tbe recommendations of a report 
recently completed for the 
Egyptian Government by Conti- 
nental, which calls for the 
immediate injection of S3bn into 
the notoriously erratic Egyptian 
telephone system. 


Stage one of the project would 
aim at making the present 
system— working at only 30 per 
cent efficiency — fully effective. 
The second stage, lasting up to 
five years, would concern the 
expansion of the system from Us 
present total of 370,000 lines to 
lm lines by 1982-83. 

Tbe study goes on to recom- 
mend that the system should be 
further expanded to a network 
of between 4m and 5m lines (6m 

to 7m telephones! over the next 
20 years. 

It is understood that the pro- 
posal discussed by President 
Sadat and the leaders of the 
consortium was Tor a contract 
covering the full 20 years. 

The consortium would prob- 
ably work with tbe domestic 
manufacturer. the Egyptian 
Telecommunications Organisa- 
tion, on manufacture and installa- 
tion of the equipment upgrad- 
ing ETO from electro-mechanical 
manufacture to the manufacture 
of fully electronic systems. 

Western and GTE would 
jointly co-operate in production 
with ETO. as well as supplying 
Anieriean-built equipment Con- 
tinental would manage the 
system and train Egyptian staff. 

In Cairo, it is being suggested 
that the telecommunications deal 
should be seen in ihe context of 
the U25- Senate approval last 
month of the sale of 50 F-5E 
fighter-bombers to Egypt It is 
said that because tbe deal is a 
quid pro quo. the contract will 
not go out to competitive tender 
Ericsson deal. Page 6 

BP’s net income falls to 


^income fell to £S0.6m. in the first 
three months of this year against 
£ 1445m in the corresponding 
period last year. 
y-Sitia -was partly due to a small 
3oi& from., stock depreciation 
"which contrasted with a sub- 
stantial benefit from stock appre- 
ciation in the first three 1 months 

■-L&be company also felt the 
.effects of general depressed 
tirading' conditions in the oil in- 
dustry with fifties proceeds falling 
from £3.6bn last year to £3.47bo. 
; j>ales of both crude oil and 
igrtural gas were down on the 

corresponding three months of 
last year although the company's 
trade in chemicals products 
improved by 3 per cent. 

Tbere was, however, a marked 
increase in income from tbe com- 
pany’s U.S. interests. Standard 
Oil or Ohio, in wbich BP now 
has a controlling stake, contri- 
buted £llm to tbe first three 
months’ income while Traos- 
Aiaska pipeline activities pro- 
vided more than £20m. 

The increased contributions 
from U.S. interests, together 
with some improvement in oil 
operations in most European 
countries, also accounted for a 

rise in net income when viewed 
against the results of the final 
three months of last year 
(£43. 9m 1. 

The improvement would have 
been more marked but for 
increased losses in France and 
lower proceeds from the com- 
pany's North Sea crude oil 
ODerati , '-ns. 

BP i? one of the main pro- 
ducers -jf North Sea crude and. 
as a result, has been among 
those which have been particu- 
larly- hit by the Tailing value of 
UK oil. 

Details. Page 24 
Lex, Back Page 

fy V1106*: J • •. „ \ v, ! 



\ *. ... ' J RISK } V. ■ - CTrust HooSes Forte - 216 
1 . 2 : SO + 5 Vesper MB; 

2 ft * ■' 

Stt**’* 1, 


•w , ? s »«ds» 

*0/35 S-' 

^ -Indicated ): -,t . •- ; - C , 4 , 
. "rises s' } *' • • 

eTTEiecL ,-vr 



v ’ C '- • TAU& ' " • M 

-“Beechant — .®J 

Coalite & Chemicai ... ^75 

Morean Gruribte 10? 

Reed 124 

. Thomson . Org: 24Z 

Whiteieyf<B.\S. &^W.X ft S6 
' ■ rviymac - Riotinto : ...... 230 

Bast Driel , ‘--v- - ■ ; 

Me tab-E^oration,. v . .36 
Mid-list Minerals ... 46 
} Northern Mining >. 105 
Tang anyika C<m- . Jw 
.;Taaninex 73 

Tronoh , .i...;.,— —f—.'li®. 
"Westilatwl Cons. MS. 

Creek_ r ^. r r- • ■« 80 

'European news 2-3 

American news 1 4 

Overseas news — 5 

. World trade news 6 

Home news— general ... 7,8,10 
— labour S 

Trades unions push for a 

..35-honr' week - 22 

.--Politics Today: what to do 

' about Africa 23 

IBnergy review: Ring coal’s 

V. hunt for a realm 11 

.Tbe ; House of Commons 
vibitesback 14 


..... IS Technical page 12 Inti, companies 30,32,33 

Technical page 12 

Management page 19 

Arts page 21 

Leader page 22 

UK companies 22-28 

Mining 27 


Around Britain: mid-Wales 20 
Colombia' scene: doubts, 

drugs and denials 4 

The Polish economy 2 

The NATO summit: Schmidt 

praises Carter 3 

UB. insurance profits upset 
the customers 30 

Euromarkets 30.33 

Wall Street 29 

Foreign Exchanges 29 

Farming, raw materials ... 37 

UK stock market 38 

Court rules on Hcrstatt: 
sigh of relief from banks 33 


Marine and aviation 
insurance 13-17 

AppirtKmCBts A*rts. 
Sank Return ----- 
Binfc Review 

EMettalamMR Colds 
Em OpHonr Ex.... 
foil Prices 

TX-Actaarits bWklS 



Unit Trnsts 









Men and Matters 





Money Market ... 


Ease Lending Rates 


Cwealtli Dvpt. Cpn. 




XL 34J6 

European Ferries ... 





Fantell Electronics 



Share Inform ation 

.. «Mt 

Avon Rubber 


M online* 



Today's Events ... 


Barclays Bank Inti. 


Snarrows Inti 



TV and Radio 


Charterhouse Group 


Sees. TsL of Scot. 


For latest Share Index ‘phone 01-246 S 026 


.2nd POM 



Rise in ho 
loan rates 
looms lars 



Three UK missions will visit China in the autumn to tour steel works, make 
proposals for their modernisation, and discuss possible financial arrange- 
ments with the Chinese. 

The missions were invited by in China last year he discussed slcel plam from ihc drawing 

Mr. Tang Ke. thu Chinese with Chinese officials plans for board stage- onwards, in ual- 

Minister or Metallurgy. He ended providing new steel-making and laboraiion with British plant 

a 17- day visit to Britain on rolling mills. makers, providing planning, eon- 

Monday. returned from Peking opti- struciion technology, and expcr-| 

Tho invii.-.i inn ih;,t jnistic about prospects for British tlse - I 

sleel equipment sales to China. 

Mr. Tang He's recent mission 
to Britain resulted from an invi- 
tation from Sir Charles at that 

It has already supplied plant 
on this basts to Mexico and 

Roy Hoiisun \\ riles : The 

Chinese an.- anxious to produce 
a new- national plan Tor the 
rulure expansion of their steel 
industry by the end of this year. 
That explains the degree of 
urgency in their current dealings 
with the British steel industry. 

A first mission at technical 
level next September will spend 
about three weeks in China. 

A second mission, composed of 
engineers, is due to follow in 
October iu discuss how the 
British industry could best pro- 
vide the new steelmaking capa- 
city China needs. 

The third mUsion of the series j 
is being arranged io visit China 
as soon as possible after that. It 
will he composed of top man- 
agement and will seek to con- 
clude financial arrangements and 
to provide the Chinese Govern- 
ment with a series of package 
deals for incorporation in its 
steel plan. 

Staff cuts plan. Back Page 

Dee Jan Feb Mar Apr Mb 

sends up 


FEARS OF u Brazilian crop 
disaster sent coffee prices soar- 
ing on ihc London futures 
market yesterday. 

Values jumped hy more than 
£100 a tonne at one stage — 
the biggest rise since last 
summer — after news that tem- 
peratures in the country's 
coffee-growing areas sank 
below 2 deg. C on Wednesday 

Temperatures still were well 
below average during the day 
yesterday and there seemed a 
possibility of a damaging frost. 

It is unlikely that a frost 
now would be as serious as tbe 
one in July 1975. wbich wiped 
out tit ree-u darters oF the 1976 
crop and forced world prices 
up more than tenfold. 

But. world stocks are seri- 
ously depleted and a relatively 
minor frost could have a big 

The Brazilian coffee areas 
have escaped frost since 1975. 
hut production still bas not 
recovered from that year's 

AN INCREASE in the mortgage 
rate next week seems more likely 
after talks between the building 
sucielies and the Government 

Tbe societies wilt meet next 
week to decide whether to 
increase interest rates. They 
expected strong Government 
opposition at yesterday's session 
of the Joint Advisory Council to 
any move which would raise the 
cost of home loans in what could 
be an election year. 

But they were surprised to 
| find that officials from the 
! Department of the Environment 
! and the Treasury made no 
attempt to influence next week's 
meeting of the Council of the 
Building Societies’ Association. 

| The association has already 
.'said that in the absence of 
political intervention societies 
would almost certainly go ahead 
with interest rate increases next 
week. The tone of yesterday’s 
meeting U likeiy to have in- 
creased the chances of higher 

The investors’ 5i per cent net 
rate and the St per cent mort- 
gage rate might rise about Lper 
cent if societies do recommend 

A recommendation on whether 
to raise rales for the first time 
since October 1976 will be made 
next Thursday hy the associa- 
tion's home policy committee and 
considered by tbe full 36-man 
council on Friday. 

Government officials made it 

clear yesterday, however, that 
they would want to know the out 
come of the Thursday meeting 
if it was of "potential Ministerial 
interest.” In spite of yesterday’s 
low-key approach the door has 
been left upon for last-minute 
intervention. But it is known that 
some Ministers believe it would 
be best to get any mortgage rafe 
increase out of the way before 
a possible election campaign 

The societies are not 
unanimous about what action 
they should take. They are faced 
with declining receipts — this 
month they could lie down io 
£150m compared with nearly 
£ti00m last October. There i* little 
prospect of any substantial im- 
provement in the inflow oF funds 
with the present interest xalc 

Advances for the next fi-’.v 
months are likely to continue to 
run at more than 1750m u month, 
reflecting earlier com mil menu*. 

Commitments for new Iioujo 
purchase are running at about 
£6-0m a month. The societies 
will need a higher level uf 
new receipts to maintain this 

It was made clear at yester- 
day's meeting that the contro- 
versial restrictions on lending 
will be phased out. They were 
introduced in April for time 
months after Government con- 
cern about rising house prices. 

Editorial comment. Page 22 
Lex, Back Page 

U.S. protests over scale 
of Government backing 

Tree ‘ 

To make mailers worse, the 
crop lias suffered badly from 
drought this year leading to a 
cui or 2m hags— of 60 kg each 
— to 17>» in (he official produc- 
tion estimate. 

Frost is the main anxiety of 
Brazil's coffee-growers, who 
normally prodace about 30 per 
cent of the world crop. 

It attacks the flowers which 
produce (he following year’s 
beans and, in severe cases, can 
“burn” the trees themselves 
so badly that they have to be 

July delivery coffee on the 
Loudon market rose to £1,6*5 a 
tonne at one stage yesterday 
before profll-takiug trimmed 
this Io £1.818.5 a tonne, up £75 
at the dose. 

July coffee has gained 
nearly £270 a tonne during the 
last seven trading days and is 
standing at the highest level 
this year. 


THE U.S. has made strong pro- 
tests lo the UK aver Britain’s 
role in securing a i’llam con- 
tract for Rolls-Royce in the 
American market- earlier this 

At a meeting with Mr. 
Callaghan. Mr. Michael Biumeo- 
thal, the U.S. Treasury Secretary, 
today expressed "serious con- 
cern” at the scale of Govern- 
ment finance made available for 
the deal, in which Pan-Arn 
bought 12 Lockheed 1011 Tri- 
Stars. equipped with Rolls-Royce 
RB-211 engines, in the face of 
stiff American competition. 

The Americans have been 
angered by the decision of the 
Export Credits Guarantee De- 
partment to provide credit in- 
surance cover for the Rolls- 
Royce engines and the U.S.- 
made airframes. 


operation lu end Ibu e:.por r . 
credit war. . ' ‘ 

Mr. Callaghan. uc'eiiiynvb>. 
emerged from the talks ft. 
eneri by progress in the u-tiK-v 
main area of discuss in n4-p re- 
parations for the seven-notion 
Bonn economic summit in m in- 

He is confident that the U.S. 
will try to contribute to a packl- 
age deal of measures in Bonn to 
bolster world economic recovery. 

The Prime Minisier believes 
that rbe American administration 
has accepted the idea of arrang- 
ing a package in Bonn, rather 
Continued on Back Page 
Editorial comment. Page 22 

£ in New York 

Mr. Blumenthal suggested to s ; si.tsW 4 SOt 

the Prime Minister that in ; o.«u-u.34 o.SoAai.ii-. 

future, there should be much 5 i.i-imin. j t.M-i.isai-, : LoM-vo.ii. 

greater inter-governmental co- • «.hO-4.7CMi.. 

■ ■> 


(it * UJ t'liM* 

" l,IL iIbhui 

* i i ■ . ;afcv, 

inm : ^ 

■ 30, OOOsq.ft. banking 'and- office acrammodatip^|6||S 

be let in one ortwo units. ' 

■ Situated in the centreof the Crty ofUQndon’s bafilOTQ^ 


■ Prominent building finished to thehighestsp^fid^_. 
ation with full air-conditioning, partitions to‘terOTt^^^H 
requirements and carpeted throughout. 

' Further details fronijofnt soie agents; 


4 FREDERICK'S PLACE EC2 01-6067601 

\2 Weli^ Court /' ’ 

Queen Street;" ■' 

’Financial Times Ttmr 

v*r-* i 



Industrialisation at a cost 


HE COMMUNIST myth of an 
unipotent aad omnipresent 
arty is hard to maintain in 
country like Poland where the 
uvernment cannot muster even 
te authority to raise the price 
f meat. 

This is one of the major 
ilemmas Facing the Polish 
egimu at a time when seven 
ears oF crash industrialisation, 
mhurkud no shortly after Mr. 
Mward Gierek had replaced Mr. 
Vladislav Goniulka as first 
ecretary of the Polish United 
■Vorkers Party in 1970. has 
•ndowed the country with an 
mpressive array of new f at- 
ones, shipyards, mines and 
musing estates — hut also with 
on? queues outside empty 
jutchers' shops. The queues to 
some extent are a backhanded 
.'ompiiment to the way real 
incomes have risen since the first 
jf the Gierek five-ye3r plans 
started in 1971. 

It is possible to detect a 
wistful note us Poles describe 
those years of never had it so 
good. Poland even managed to 
do rather well out of the post- 
1973 energy crisis. The country 
had steadfastly stuck to coal 
throughout the period of cheap 
oil. so that the terras of trade 
moved in Poland's favour as the 
effect of higher international 
coal prices on export receipts 
outweighed the higher price for 
imported oil. Most oil imports 
came from the Soviet Union 
which delayed raising Comecon 
oil prices to world ievets. so that 
to begin with the effect was 

The fate nf the second Gierek 
five year plan period has been 

very different. A succession of 
poor harvests, exacerbated by 
heavy hoods, forced Poland to 
step up imports of grain. 
The continuing recession in the 
"West reduced export markets 
and led to lower prices than 
expected for Poland's principal 
raw’ material exports. Delays in 
the commissioning of new plant 
has led to supply bottlenecks 
and domestic energy shortages. 
One major consequeoee has 
been a significant increase of 
external debt which is now 

estimated to be in excess c f 

What is probably of equal 
significance however is a detect- 
able change in the national mood 
and the self-confidence of the 
regime itself. The honeyinaun 
came to an abrupt end in June, 
1976, when the Government 
announced a series of swingeing 
price increases for meat and 
other foodstuffs aimed at 
remedying a situation in which 

the subsequent industrial isalion 
appear to have changed these 
basic factors which limit the 
powers ot Government and party 
and guarantee a degree of de 
/actor p 1 alism. 

This is counterbalanced by 
the fact that Poland with a 
population of 35m Is a strategic- 
ally most important member of 
the Warsaw Pact and an integral 
member of Comecon. It depends 
on the Soviet Union for SO per 

The Polish Government has emphasised indus- 
trialisation in its development plans. But there 
have heen many problems along the way. 

the Government was spending 
more on food subsidies than on 
the entire social services budget. 

But the government was forced 
into a humiliating retreat as 
workers in the industrial town of 
Badom and at the Ursus Tractor 
ptant in the industrial! suburbs 
of Warsaw took to the streets 
and Poland looked dangerously 
close to a repeat performance 
of the 1970 riots which toppled 
Mr. Gierek's predecessor. At the 
same lime allegations of police 
brutality and the arrest of 
workers involved in tbe rioting 
led to tbe formation of new dis- 
sident groups pledged to the 
defence of workers’ rights and 
greater respect for civil liberties 
and greater political freedom. 

The riots heavily underlined 
the limits and restraints under 
which the Polish regime is con- 
strained to operate. The reasons 
why it was not able to impose 
its will, do much to explain why 
Poland is such a problematic 
member of the Communist bloc. 

Alone in Eastern Europe 
Poland has a large, independent 
peasantry and a powerful Catho- 
lic church. It is also a deeply 
nationalistic country which has 
traditionally tended to look 
West rather than East for its 
intellectual and spiritual values. 
Neither 30 years of Communist 
government since the liberation 
bv the Red Army in 1944-45 nor 

cent of its raw materials. 
Furthermore, while Poland lias 
been busy taking up western 
credits. importing western 
machinery and seeking markets 
in the West through compensa- 
tion and other trading agree- 
ments. it has also been 
increasing its trade with the 
Soviet Union and its degree of 
integration within Comecon. 

Perhaps the most important 
symbol of tbe latter is the rail- 
way line now under construction 
from the Soviet Union to the new 
integrated steel mill being built 
with both western and Soviet 
machinery and credits at Hula 
Katowice in Upper Silesia. The 
line is being built to carry Soviet 
iron ore. The line uses the 
Soviet rail gauge throughout. 
This avoids expensive and waste- 
ful trans-shipment of ore at the 
Polish-Soviet frontier. It is not 
lost on the Poles that it could 
also bring Soviet tanks into 
Poland's 'industrial heartland 
with the same speed and 

The desire to avoid any such 
eventuality is shared by the 
Government, the party, the 
Catholic Church, the dissidents — 
and one can confidently assume 
the Soviet Union. Poland has 
suffered invasion many times — 
and it has usually fought to 
defend itself. The wish to avoid 
a similar fate in the future is 

in many ways the most sobering 
factor in a country which has 
tended throughout its history to 
oscillate between a realistic and 
romantic assessment of its 

A shared belief in the desir- 
ability of keeping social and 
political tensions within manage- 
able limits also underlies current 
relations between Church and 
stale. Ever since the 1976 price 
riots Mr, Gierek has made 
valiant efforts to rebuild his 
damaged standing in the country 
by old fashioned barnstorming 
around Factories and townships 
and by a determined effort to 
come to a modus vivendi with 
the church. 

Mr- Gierek went to Rome last 
year for a highly publicised 
audience with the Pope. The 
church for its part, under the 
leadership of Cardinal Stefan 
Wyszynski, responded cautiously 
and in exchange for co-operation 
in reducing social tensions and 
combating serious social prob- 
lems like alcoholism, demanded 
permission to build more 
churches, unimpeded rights to 
hold catechism classes, an end 
to atheistic propaganda, access 
to the media, and an end to 
discrimination against Catholics 
holding public office. 

Both sides are aware that a 
delicate balance has to be struck. 
Mr. Gierek cannot afford lo make 
tou many concessions which 
offend against the ideas of his 
own party ideologies while the 
Cardinal who has cleverly 
turned attempts to suppress the 
Church to tbe Church's own 
advantage, is deeply aware of the 
dangers implicit in too close a 
relationship with the state. 

Meanwhile the various dissi- 
dent groups are activly working 
to enlarge the area of de facto 
pluralism within the Polish 
society. This does not yet extend 
to the formation of political 
parties, although a multi-party, 
parliamentary system appears to 
be among their long term aims, 
but involves the setting up of 
their own Samidzat Press, sup- 
port for rhe idea of independent 
trade unions, and the reaction or 
“ Hying universities.” The origi- 
nal “flying universities” were 




Mr. Edward Gierek 

set up in Tsarist times to keep 
Polish culture and the idea of 
Polish nationhood alive when 
Poland was divided up among 
Prussia. Austria and Russia. Over 
ihe past IS month* or so students 
and intellectuals have revived 
this tradition by meeting in 
private Hats to hear lectures on 
Polish history, culture and con- 
temporary problems- 

It is at least arguable, 
although also'uf course, heretical, 
to suggest that the Government 
would not have been taken aback 
so easily by the reaction to the 
price h-ikes in 1976 if it had had 
a more reliable means of gauging 
public opinion than its own party 
hierarchy and the official trade 

On all levels Poland appears 
to bo involved in a delicate 
waiting game and balancing act. 
The Government is basically 

crossing Its fingers and hoping 
that by 19S0 the economy will he 
stronger, food supplies more 
regular, and export markets 
easier. Politically it is hoping 
that caution and a certain degree 
of mutual tolerance win head 
off any direct challenge to the 
party's role as leading political 
force in the country or any 
other act which could provoke 
Soviet intervention in the name 
nf the Brezhnev doctrine. 

As for the Soviet Union Mr. 
Brezhnev himself recognised 
the difficulties attached to 
" strengthening socialism nn 
Polish soil" when he ninned the 
medal of the October Revolution 
on Mr. Gierek’s chest in Moscow 
in Anril. President Garter 
demonstrated the US. Govern- 
ment's interest in Poland hv his 
own vi<if at tbe start of the vear 
and by the subsequent agreement 
to increase grain supplies nn 

For a country which has 
always heen delicately pnised 
between great powers Poland's 
present position is not un- 
favourable. provided the realists 
rake some inspiration from the 
romantics and the romantics 
remember that railwayline to 
Kainwiee. . ' 

Poland has 

By Christopher Bobiiaki 

WARSAW. June 1. - 
POLISH foreign trade -figures 
published for the first time for 
about a year, broken down 
conntry by conn try, show a 
12.6 per cent drop iu imports 
and a 10.4 per cent rise in 
exports daring the first, three 
months of this year compared 
to the same period last year. 

This means that in tbe first 
three months of 1978 Polish * 
trade has gone into credit to 
the tone of $ 220 m against a 
total turnover of $5-82bn. . 

Poland also went into credit 
with her Comecon partners to 
the tunc of $2 80m with imports 
dropping by 9.3 per cent and . 
exports going up by 10.8 per 

Polish - Imports from the 
OECD countries dropped by 25 
per eeut and exports went np 
by lfl.8 per cent 
Polish imports from the EEC 
countries dropped by 20.5 per- 
cent and exports went up by 
15.1 per cent. 

Poland was in tbe first three 
months of this year still run- 
ning a minimal deficit with the 
hard currency eoamries.. 

Polish financial sources esti- 
mate that the deficit by the 
end of the year will have 
reached around Slbn hot the 
figures Tor the first three 
months are s^en by Western 
diplomatic observers as - 
evidence that the economy is 
able to give priority to improv- 
ing the trade balance. 

On the other hand. Cots tn 
imports have contributed to 
raw material supplies shortages 
and subsequent stoppages in in- 
dostrial production in the first 
two months of this year. 

The figures shew that- in the 
three month period as com*, 
pared to last year, Poland’s oil 
imports dropped by 42,000 
tons, natural gas imports by 
69m cubic metres, iron ore 
imports by 2974100 tons and . 
rolled steel imports by 137,000 
tons. • • . 

A recent article in the 
weekly Polityka questioned the 
economic feasibility- of. cutting 1 
imports and raising exports by 1 
administrative orders This 
system it said is " rigid and 
doesn't take into account 
special cases.” \ 

Losses are also caused when 
cuts in imports are ordered as 
the yearly plan is being ful- 
filled rather than berore It Was 
fixed. > 

© Meat prices in Wa&ayr's 
commercial shops were raised 
today in a move which 
presages a plan by ' tbe . 
authorities to raise meat prices . 

French may seek 
U.S. links in 

electronics field 


FRANCES electronics industry 
is waiting for a move by tiie 
Government which will deter- 
mine the future course of its 
vulnerable semi-conductor activi- 
ties. „ 

In contrast to the UK. wnsre 
the National Enterprise Board 
is setting up its own company. 
France is expected to encourage 
links with at least one of tbe big 
U S. concerns which dominate 
the sector. 

In both cases, a restructuring 
is considered necessary In view 
of the heavy costs involved in 
developing integrated circuit 
technology, the size of operation 
required to reduc«? unit costs and 
the commercial challenge of com- 
peting with U.S. companies in 
their own markets and with the 

The French Government has 
already earmarked FFr 600m or 
about £70m for the semi-con- 
ductor industry. A third of this 
will go into the Thomson-CSF 
group, which last year bought 
control of a smaller semi-conduc- 
tor. manufacturer SSC and which 
specialises in linear circuits 

Another third is for Radio- 
technique, a subsidiary of the 
Dutch Philips group, which 
specialises in rapid bipolar, cir- 
cuits for computers. 

The . remaining slice, so far 
undesignated, is for the develop- 
ment of the so-called Mos circuits 
which have a variety of appli- 
cations, including motor-cars. Tt 
is in this area, in particular, 
that a U.S. or other foreign link- 
up is pending. 

If the Government pursues 
this line, as indications to date 
suggest it will, then be taking 
the opposite course from the UK 
where as spanner has apparently 
been put in the works of GEC's 
approaches to possible U.S. 

PARIS. June .1.- , 

France has all along stopped 
short of trying to go it alone 'in 
computer-related fields. ' When, 
it set np a state .computer com: 
pany, Cn. 12 years ago, after 
MachinebuU was taken over by 
General Electric of the U5I 
(GE's computer interests* wete 
later acquired by Honeywell), a 
pool arrangement was..agregji_ 
with Philips and West Germ anjis 
Siemens. ".. -V' 

When this agreement, Uaidital 
collapsed. Oil was merged with. 
Honeywell Butt .to forth ,a 
bi-national venture - combining . 
the advantage of French, majority 
control and U.S. know-how. 

Corapagnic Generale de Elec- 
tricite. the third French com> 
pany involved alongside Thomson 
and Radiotechnrque and Itself an 
indirect shareholder in. .GEL- 
Honeywell Bull, has. .piped other 
state - and private ; interests to 
form a company specifically to 
look into the question of a U.S. 
acquisition. Its partners include 
Renault, the car company. . 

One solution being mentioned 
is the. purchase of a . blocking 
minority interest in Mustek.- a- 
O.S. company based on Mos 
circuit technology. :i - - 

A further move might he tbfr 
setting up of joint production 
facilities iu a country such as 
Taiwan, one industry source has 

Thomsou-CSF has been talking 
on and off with Plessey of the 
UK since 1972 on the possibilities 
of joining forces in 1 ' semi- 
conductors, but this plan seenfe 
to have fallen by the wayside 
with the NEB's announcement 
of its £30m to £50 oj new venture. 

An agreement with Motorola 
of the V.S., with which ' it 
already has a parts exchange 
pact, is now much more on the 

Dutch poll confirms trend 


The Christian Democrats, the 
senior partner in Holland's two- 
party ruling coalition, made 
further gains in local elections 
yesterday. The junior coalition 
.partner, the right-wing Liberals, 
did less well, however. For both 
parties the poll in 829 munici- 
palities continued the trend 
established in provincial elec- 
tions two months ago. 

Labour the largest apposition 
party, was unahle to maintain 


the small gains made in the pro- 
vincial elections and saw its 
share of the vote fall slightly. Id 
contrast with the general elec- 
tion in May last year, when ntany 
small parties sustained losses, 
the left-wing Democrats 66 party 
and the Communists made gains. 

The outcome was in line with 
the latest opinion poll forecasts. 
Early signs of a high turn-out 
were not borne out, with many 
voters apparently preferring to 
enjoy the sunny weather. 

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Spanish bankers divided on new dean-up measures Portugal to establish 


fflCUGGLlNG MONEY out ©f 
Spain is nothing new, and the 
practice has increased since the 
death of Franco, -Until recently 
the authorities appeared ' to turn 
a blind eye, so much so that it 
has freqwhtiy been done- with 
Jittlesohilefy, with the money 
transported in” a briefcase to 
Zoridi .where -there- is a peseta 

market, ' 

The - sole inconvenience has 
been the ■ size: of the moneys: 
since-the behest peseta domina- 
tion is. a bulky Pta 1,000 (S125), 
According ; to bank .officials, 
Pta lm in'. 1,000-peseta notes 

weighs 1.2 kilos. 

. It has .therefore caused con- 
siderable interest and' a measure 
of controversy that the authori- 
ties should choose to act now by 
charging three' men with breach 
of exchange control regulations, 
particularly, as one of . them, Sr. 
Enrique -Minarro Montoya, hag 
been closely linked to one of the 

-best-known banking families that 
prospered - under Franco, the 
Cocas. He is a former senior 
Board member of the Baric* 

The banking community 
appears to' be divided on the 
significance of these events. On 
the one hand, there are those 
who regard tough action as 
essential, and who welcome the 
prospect of the system being 
cleaned np. Others fear that 
there -are political vendettas 
involved and that too many 
revelations . will be deeply 

. News of . the apprehension of 
the three men coincided with 
reports of Ministry of Finance 
officials . investigating property 
deals carried out by companies 
in-iwhich Banca Coca is alleged 
to -have an interest. This investi- 
gation is still continuing accord- 
ing to highly placed sources. 

After refraining from com- 

ment for a week, Banca Coca 
last night issued a five-point 
statement denying any . involve- 
ment in breach of exchange 
controls. The statement farther 
said that the bank’s silence had 
resulted from a desire not to 
comment wbHe the various 
investigations were still in pro- 

The bank also said that the 
various inspections being carried 
out oh Banca Coca were solely 
designed to finalise its proposed 
merger with Banesto, currently 
the country's second largest bank. 

These events have caused 
considerable confusion over the 
proposed Banesto-Coca merger, 
which if formalised would make 
the Banesto group once again the 
largest concentration of banking 
interests in Spain. 

A senior Banesto spokesman 
has been quoted this week by 
the national newsagency, EFE. 
as saying: “We have not yet 
merged with Banca Coca. We are 

waiting to get to the bottom Of 
this matter before we make a 
decision." The merger was 
hurriedly agreed last December 
when Banesto's chief rival. Banco 
Central, announced a merger 
with the medium sized Banco 
Iberico, controlled by the Fierro 

Difficulties in assimilating Coca 
have already delayed the merger 
date even though the outlines of 
a merger agreement have been 
approved by the shareholders of 
both banks. Under these terms 
the Coca family would become 
the single largest shareholder in 
Banesto, with approximately 8 per 
cent of the equity, and Sr Ignacio 
Coca, the group's vice-chairman. 

Senior bankers believe that the 
marger has passed the point of 
no return, but that present 

events could embarrass both 

banks. Sensing cracks in one of 
the chief remaining bastions of 
the Francoist power structure, 
the liberal Press here appears 

determined to ensure that this 
happens. The authorities for 
their part, whether it be the 
Finance Ministry pressing to 
introduce tighter control of taxes 
or the Bank of Spain, insisting 
that they are determined to 
clean up the system. 

This attitude in turn has drawn 
hitter comment from the Right- 
wing Press. They have concen- 
trated on highlighting the Bank 
of Spain’s handling of the Banco 
Contnbrico, which collapsed at 
the end of January in the wake 
of the demise of another bank. 
Banco de Navarra. 

Fnre some lime. Cantabrico's 

ctaitf executive. Sr. Alfredo Call-?, 
who controls 62 per cent of the 
bank's equity, has been challeng- 
ing the action of the Bank of 
Spain in taking over the bank. 

Initially The Bank of Spain 
bought Cantahrico for a nominal 
price and then, once it had 
formed a “bank hospital "—the 

MADRID. June 1, ' 

Corporation Banc aria— -with the 
rest of the Spanish banking com- 
munity on a 50/50 basis, trans- 
ferred Cantabrico for a similar 
nominal sura to the latter. Sr. , 
Calle claimed the takeover was 
illegal and the nominal price i 

This week the parties involved i 
failed to reach an out-of-court 
settlement on the matter. Sr.- 
Calle promptly announced he 
was preferring criminal charges 
against certain senior Bank of, 
Spain officials for alleged mis- 
conduct in handling the Canta- 
brico takeover. 

Although the Bank of Spain 

has received no formal notifica- 
tion of such actiono, senior 
officials in private hotly deny 
any suggestion of misconduct. 
Indeed, they point to criminal 
charges lodged with the judicial 
authorities on May IS against 
Sr. Calle for fraudulent manage- 
ment of Banco Cantabrico. 

procedure for 
settling indemnities 


Schmidt praise for Carter 

USSR ‘aiming at 4% growth’ 


SCHMIDT, reporting . . to. tils 
Bundestag today bis satisfaction 
at the .outcome of the Washing- 
ton NATO conference, went out 
of his way to emphasise .the. 
success of his own personal con- 
tacts with President Jimmy 

In a formal speech -on the 
NATO meeting and on his visit 
to the United Nations’ disarma- 
ment debate, he said that the 
alliance had shown fresh proof 
of its ability and will' to con- 
tribute towards the maintenance 
.of peace on the basis of a balance 
of forces. He' paid tribute to the 
reaffirmation by . Mr. Carter of 
the American commitment: 

Six weeks before . Western 
heads of government gather for 
the world economic summit meet- 
ing here, however, Herr Schmidt 
also stressed that his talks with 
Mr. Carter had ‘'made unmis- 
takably clear that we and the 
American Government agree not 
only in all -major political ques- 
tions but to a great extent in 
the details too." 

The atmosphere and content 
of his talks, said . Herr Schmidt, 
** have again strengthened the 
solid partnership and. close 

friendship between the two 
governments,” He had given tbe 
President an account of the 
recent tfslt here of President 
Leonid Brezhnev, and had heard 
from Mr. Carter the current 
state of the strategic arms 
limitation talks. . 

Herr Schmidt added that the 
U.S. President had also shown 
“great - understanding” for 
European— and in particular 
West 1 German— concern that 
current East-West disarmament 
initiatives should deal with the 
problem of medium-range 
ndclear weapons. 

-Mr* Carter had promised, the 
Chancellor said, that be would 
make' further efforts to steer the 
transatlantic “ dialogue " on 
NATO equipment into a "con- 
crete direction " as part of the 
long-term defence programme 
agreed upon in Washington. 

Herr Schmidt- also told the 
Bundestag that NATO heads of 
government reaffirmed their 
determination to co-operate in 
stamping out t he “ international 
scourge " of terrorism. 

Making his first comment on 
the- u series of developments that 
have- once '--.again brought 
terrorism to the forefront of 

BONN, June L 

tbe West German domestic poll-, 
ticaj scene, Herr Schmidt said 
he had been “scandalised” at 
the escape last week-end of the 
alleged terrorist Till Meyer from 
a remand prison in West Berlin. 

Herr Schmidt publicly thanked 1 
the Yugoslav authorities for their 
help in apprehending the four 
wanted West German terrorist 
suspects whose presence in Yugo- 
slav police custody was first 
revealed on Monday. 

It became known last night 
that Herr Hans-Juergen Wisch- 
newskf, the Chancellor’s personal 
trouble-shooter, had paid a visit 
to Belgrade after the four Ger- 
mans were held, but before their 
capture was' announced. Accord- 
ing to news reports, however, 
be did not succeed in having 
them extradited without the 
politically complex •“ deal " that 
appears to have been done with 
the Yugoslavs. Although both 
Governments reject the sugges- 
tion that a swap has been 
arranged, this involves West 
Germany's handing over several 
of the anti-Titoist Ustacbi ex- 
tremists held hi Germany for a 
series of violent attacks on Yugo- 
slav diplomats and premises 
going hack Several years. 


THE SOVIET economy, whose 
output grew only 3.5 per cent last 
year, largely because of poor 
agricultural output tup 3 per 
cent compared with the planned 
7.6 per cent), is aiming at a -4 per 
cent growth rate this year. 

Achieving this target will 
depend on outstanding Soviet 
crop production, according to an 
analysis of the Soviet economy 
issued by the German Institute 
of Economic Research in West 

The Institute notes that the 
Soviet target figures for this 
year's plan show that industrial 
production is to increase 45 per 
cent, or slower than in the past 
two years. Both capital goods and 
consumer goods sectors are 

However, agriculture is sup- 
posed to expand by 6.S per cent, 
which the report says is a “ goal 
which can only be achieved by a 
record grain harvest.” It notes 
that agricultural investments are 

to grow by 2 per cent, less than 

Spending on construction is to 
increase by 6 per cent, and 
spending on transport 5.5 per 
cent, which, the analysis says, 
means that, by contrast to 1977. 
growth is not to be concentrated 
on industry. The Institute notes 
that these sectors are the tradi- 
ional “ problem children *' of the 
Soviet economy. 

The German Institute's study 
says that in the past year. Soviet 
industry grew- by 6 per cert, 
compared with 5 per cent in 
1376. However. Soviet agriculture 
pulled down the overall growth 
rate by expanding only 3 per 
cent, compared with the 7.6 per 
cent target figure for 19u. The 
Soviet grain harvest of 196m 
tonnes was down from the record 
1976 harvest of 224m tonnes and 
below the average yearly target 
for the current Five Year Plan 
of 215-220m tonnes. 

The analysis notes that last 

BERLIN. June 1. 

year's growth of 3 per cent in 
gross capital investment in the 
Soviet Union was 0.6 per cent 
below target, and under the 4.5 
per cent average annual invest- 
ment rate stipulated under the 
Soviet Five Year Plan. Agricul- 
tural investments expanded by 
only 2.5 per cent compared with 
4 per cent in 1976, and 9 per 
cent in 1975. 

Soviet meat consumption 
increased by 1 per cent last year, 
to 55 kilos per capita, compared 
with SO kilos per head in East 
Germany and Czechoslovakia. 
Egg production rose hv li per 
cent, and potatoes and vegetables 
were up 7 per cent. 

The increase in industrial 
labour productivity, as measured 
by gross output per worker, was 
4 per cenr. as against the 5 per 
cent target figure. The analysis 
notes that improved productivity 
was essential for achieving the 
targets of the Five Year Plan, 
which ends in 19S0. 

is expected within the next few 
days to issue instructions regulat- 
ing the Indemnity Law, in an 
attempt to attract much-needed 
foreign capital, as well as 
stimulate the Portuguese private 

This was suggested during an 
interview today by Dr. Alexandre 
Vaz Pinto, chairman Of the 
Portuguese Investment Institute, 
which acts as an official mouth- 
piece for the Government on 
matters related to foreign invest- 

He told the Financial Times 
that the Government would next 
week go beyond what until now 
have been only verbal assurances 
that the problem of indemnities 
would be settled. 

He said the Cabinet was prepar- 
ing to issue “forms through 
which those affected could apply 
for the payment of the 

The establishment of an effi- 
cient procedure for compensating 
private companies and farms 
(foreign and national) that were 
nationalised or expropriated 
following tbe downfall of the 
Caetana regime on April 25, 1974, 
has long been accepted here as 
a necessary measure to re-estab- 
lish business confidence in 

Since the ruling alliance of 
Socialists -and Christian Demo- 
crats took office in January, 
several Government spokesmen, 
whose subjects were affected by 
nationalisation, have made direct 
approaches to the authorities on 
tbe subject. 

The view of the British 
Government was stated earlier 
this year in no uncertain terms 
by Lord Moran, the British 
Ambassador to Portugal. His 
main reference was to the 
British farmers whose property 
was seized during the Com- 
munist-sponsored land reform in 

To dale, with one exception, 
none of the foreign farmers have 
received compensation or restitu- 

LISBON. June 1- 
A firmer policy on the question 
of indemnities is thought to have 
been decided upon by the Gov- 
ernment at a meeting on Tues- 
day. where the more conserva- 
tive Christian Democrat (CDS) 
members of the Cabinet are said 
to have been particularly persua-_ 
sive in their arguments for a. 
more practical stand on the.' 
matter. _ ■ 

• Sr Ednmndo Pedro, a member 
of Prime Minister Mario Soares s 
Socialist Party’s national secre- 
tariat. and chairman of the 
national television network, was 
todav freed pending committal 
for trial on July 19. Sr Pedro was 
arrested in January charged with 
possession aod transportation of 
illegal, weapons. 

Two activists 
released by 
Czech police 

By Paul Lendvai 

PRAGUE. June 1. 
began releasing today some of 
the human rights activists who 
had been taken into custody at 
dawn on Tuesday a few hours be- 
fore the arrival of Mr. Leonid 
Brezhnev, -the Soviet President. 
According .to the latest, but still 
incomplete, information, at least 
25 people were seized by the 
police in simultaneous raids. Sn 
far, however, only ihe release of 
Mr. Pavel Landovski, a prominent 
actor, and Mr. L. Borovsbi. a 
journalist, has been confirmed. 

Those detained include Mr. 
Ludislav Hejdanek. one of the 
three principle speakers of the 
Charter 77 movement. Mr. Vaclav 
Havel, the internationally known 
playwright, a number of former 
prominent journalists and scien- 
tists. and a priest and five pop 
musicians harassed earlier by 
the police. 

Meanwhile, Mr. Brezhnev was 
today in Bratislavia. the capital 
of Slovakia. 

Standing up to Moscow 


•toe irk-’ Administration is to him. The 3 per ceat increase to -a ,classie overt s®** 0 *® 
Sowing considerable - pubhc-will not match the paceat which '^[esteiA territory. 
Mtisfecafewitb me;oat«tDe Bnlonli teeTMjta* weurt beeom® more mbUe. 


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to ‘stand 


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■ ' : ' • t' X ;bte'ctriQ^^ckTiyilI' 
more to'buylhain a 
^ : jd^e3e^dtgas;tru'ck: BUtwhat- 
. ' • \ad.ll tHey be costi ny in five. or 
. Y-/ ’ ften years time — you with 
• rime running costs and me 
' ' 7*.^ ’‘y with my bad chest ?•; 

• h. ■' 'i years. And. 

as ^iEoos^e^erts you, 

•. M^:ldnyei^Sinci:liayiYi^^ 

: trade4iiSSt]^aii;eh0iikftruck s^ 

v:.'; f ?- : ,y c.: 

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^nal-.cqBtkas, ; 

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\ r •;& : MaJ f m5kH&adsia tan ’ { -.v-v.".-' : v , . “ 

Y - - 

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• The undersign ed announces that 
the Annual 1 Report 1977 of 

wM be avaftiWe in Amsterdam 

iAmsterdanSRotterdam Bank NV 
•«nd fiirdier ax: - 
Adgemene Bank. Nederland N.V^ 
; fikhk, Maes S Hope NV. 

. Pierson, Held ring A Pierson NV 
Kas-Anoqiacie N-V. 
Afnjterifam, Moy -26th, 1978. 

^ j ... i* ’ ■- ■ ■ Y;: m • '■ ** T- r • f : 

■■■■ VUSijV 



an eleftfi^hhch is for iis.No noise, 

-no nbSou$ : ^^es^.Blus. a Cfiloride 
S y nngniebrhnnffl 
batteries/ C.omehn f ;boss ,Pay.npw- 
: S ahd^SbaiMiyelater! Yourifucksf 
. . YCf YSvyour money and- us .!" • 
ioridelnius^ia} Battenesl^mite^; 

Swintoi^Manche stef 5VI2 7 :2IiR 

: ejihone: 061^794:461 IX j 

§ 5 ;^ 1 % % Telex: 669087 '% ■? | 

•f; '-X ■ 

.. .^VrVeVviu^'i..^V'5.T'V y.'i'*' r sYi.v 

■ , .-'wrsr ; 

This announcement appears as a matter of record only. 
May, 1973 

The Kingdom of Denmark 

DM 400,000,000 

Eight Year Loan 

Managed by 

Compagnse Financiere de la Deutsche Bank AG 

Co-Managed by 

Badische Kommunale Landesbank Banque Generate du Luxembourg S.A. 
International S.A. 

Banque Internationale a Luxembourg S.A. Banque de Luxembourg S.A. 

Banque de Suez- Luxembourg S.A. Banque de ('Union Europeenne 

^ (Luxembourg) S.A. 

Baverische Landesbank International S.A. Berliner Bank International 

Societe Anonyme 

BfG Luxemburg. Credit Suisse (Luxembourg) S.A. 

DG Bank International East-West United Bank 

Societe Anonyme (Banque Unie Est-Ouest S.A.) 

Hypobank International S.A. The Industrial Bank of Japan 

(Luxembourg) S.A. 

Kredietbank S.A. Luxembourgeoise Norddeutsche Landesbank 

International S.A. 

BfG Luxemburg. 

DG Bank International 
Societe Anonyme 

Hypobank international S.A. 

Kredietbank S.A. Luxembourgeoise 

Skandinaviska Enskilda Banken 
(Luxembourg) S.A. 

Societe Generale Alsacienne de Banque 
-Soci&te Generale Group - 

Union Bank of Finland international S.A. 

Privatbanken Aktieseiskab 
Kjtfbenhavns Handelsbank 

Den Danske Bank af 1871 Aktieseiskab 

R. Henriques jr. 

Provided by 

Compagnie Financiere de la Deutsche Bank AG Badische Kommunale Landesbank International S.A. 

Banque Generate du Luxembourg S.A. 

Banque de Luxembourg S.A. 

Banque de I'Union Europeenne (Luxembourg) S.A. 
Berliner Bank International Soci&t6 Anonyme 
Credit Suisse (Luxembourg) S.A. 

East-West United Bank (Banque Unie Est-Ouest S.A.) 
The Industrial Bank of Japan (Luxembourg) SJV. 
Norddeutsche Landesbank International S.A. 

Banque Internationale a Luxembourg S.A. 

Banque de Suez- Luxembourg S.A. 
Bayerische Landesbank Internationa! S.A. 

BfG Luxemburg 

DG Bank International 
Societe Anonyme 

Hypobank International S.A. 

Kredietbank S.A. Luxembourgeoise 

Skandinaviska Enskilda Bankan 
(Luxembourg) S.A. 

Union Bank of Finland International S.A. 

Society Generale Alsacienne de Banque Union Bank of Finland International 5 ; 

- Society Generate Group - • 

Bank M. M. Warburg -Brinckmami, Wlrtz International SociSte Anonyme Hanse Bank S.A. Luxembourg « 

Banque Commerciale S.A. Luxembourg Den Danske Bank International S.A. : 

Privatbanken International (Denmark) S.A. Banque Populaire Suisse S.A. Luxembourg ; 

Kansalits International Bank S.A. Vereins- und Westbank Internationale S.A. Z 

Banque de Paris et des Pays-Bas pour leGrand-Duch&de Luxembourg SA. Bergen Bank International S.A. j 

Den norske Credrtbank (Luxembourg) S.A. international Resources and Finance Bank S.A. : 

Lavoro Bank international S.A. Trade Development Bank (Luxembourg) S.A. • 



Confirmed Reservations - Choose any 
flight any day • Stay between 7 and 
60 days * Book only 21 days ahead 

Call your travel agent and ask about TWA's new Super-Apex fares to America. 
Effective late July, subject to government approval. 

TU‘.\ rjffii "i mnfi* .c hrdnli-d fM'-.RPn -pr-: .tcttiss lh«? All.m'.ln lfi<in nr:* Other oirBnn. 

i a V. 

No.l across the Atlantic. 


■w. I It 1 Z I L 


Index of leading econo^^a- ' ^je 

indicators -rises 0.5 mm®,' 

drugs and 


FOR THE first time in -0 years J 
there is some doubt who will be ( 
Colombia's next president. The - 
Liberals are the majority party 
and their candidate. Sr Julio , 
Cesar Turbay Ayala, has a tight t 
hold on the electoral machinery.], 
but the Conservative candidate, t 
Sr Belisario Belancur. has 
been picking up support from , 
dissatisfied .splinter groups. 

Most people still believe that 
Sr Turbay will win the elec- 
tion on Sunday, but the number 
of abstentions is a major un- 
known; the rote has varied 
between 4.S and 68 per cent in 
recent years, and few common-; 
inters are prepared to estimate . , 
how many of the country's i 
12.6m electorate will vote. As lbej] 
Iu«=f ■tiage i>f the National Front,; 
Liberal-Conservative power shar-j 1 
iny agreement e\i>ires this yeir. 1 
the next president is no longer j) 
bound to share out political 
appointments equally between I 
the two parties — an advantage < 
which will add considerably to 1 
bis power. 5 

But those outside the National ' 
Front argue that it makes little 
difference who wins, because < 
both candidates, they say. C3n 
be expected to r emain loyal to I 
the ruling elite. ! 

In the 1946 presidential | 
election, a split Liberal vote i 1 
allowed the Conservatives to take i 
over, and led to a long and j ! 
bloody civil war. Memories of! 1 
the “ violence " still are a strong 1 1 
political force. Hence, Liberal j 
voters will be loth to forsake j ' 
their party, even though thcji 
candidate is controversial but ; 
some at least will be switching j 
to Sr Betancur. 

Only the outcome will show | 
how much damage has been done 
to Sr Turbay's reputation by 


THE CARTER Administration, 
which is currently p re-occupied 
with inflation, received some 
com fort today when the Com- 
merce Department reported the 
index of leading economic indi- 
cators rose 0.5 per cent accord- 
ing to preliminary figures in 

The index, which, groups to- 
gether a series of statistics in an 
effort to predict the future course 
of the economy, is being watched 
closely for signs that the 
economy fe rebounding after a 
difficult winter. 

More complete figures for 
March — which had been expected 
to show an -increase in the index 
—instead show that it fell — by 
0.1 per cent during that month, 
a rather worse showing than 
some analysts.bad been expecting. 

Today's figures, which could be 
revised upwards in the Light of 
more data, appear to indicate 
the economy is on tbe rebound. 
The idex owes most of its im- 
provement to' gains in four of the 
most important indicators — 
manufa touring, housing, the stock 
[ market and the money balance in 
new dollars. * • 

The four that fell — contracts 
for new plant and equipment. 

ss/& i-nSsts: 

shipment of ordered gouuar—; 
^expected to 
provement in the 
as the economy picks up agai 
Most analysts expect the index 
to continue to be encouraging 
the immediate future- about 
But if there is optinusm abmn 

the pace of the economy } a 
next few months, there 

about its continuing neaun 
through the winter and next 
enrin? For example the senate 
Banking Committee today 

fSpS that is sbanjly crm«d 
of the current tight 

polices of the Federal Reserve^ 
The Commitee said that ™ 
Fed's restrictive money P°ticy 
“ may lead to slower growth in 
producUon and emp^yraeot m 
the rest of the year.” It smd that 
the Administration should cora- 
.bine an attempt to reduce 
further the size of the budget 
deficit with a somewhat looser 
monetary policy. . . • 

in particular, the current high 
level of short-term interest rates 
was increasing the risk that 
investors would take their money 
out of savings and loans add i opt 
for shorter-term federal hula 
and notes, the Committee said. 

air. wnHam 

Of ‘the Fed, i&y»!l . ' 

criticisms, bu t .lie . y-i 

publicly and pnViteljrtittt; pagi 

Administration ■ ... 
the deficit an^vto .regicp-^-^^ 

tion. « 

do what it can 

recent sharp- rise t 

But he has been-’' ; 
somewhat cQnfiiO ting^^j Ugn^^Vrr . 

Last month, in 'a private -rf 

of the Business. 

Miller appeared to be-indipati^^- 

a reduction in lnterest rat^;^^?;: 

at least a lea • 

monetary poUcy,. because 

president had accepted the nee^.n - • 

to cut the federal budget defiefcs U,'! 

But within days, the Fed > i. .-fw I /i, 
again pushed up the ? .J)Lr ( - 

funds rate, the nation’s . . Ijjl* 

term basic interest rat^reart^,- » 

as 'in tbe past, to nfrother trffiga,.'. rt f . t J I] 
in the money supply figurea.4 ; w • j L** * 

The Administration -has aot ^' f ! * 
approved of the speed with Whfeh';;-' 

Mr Miller has tightened, intejss c - s «& 

rates. But it has been loth to. '.**>' 
argue in public with him because . 
be has earned considerable sup- • 
pprt for his policy within the" __ 
business community and because • 
be is still new to tbe job. -.. ._ 

Steel heads wary of price plan 


THE U.S. steel industry, just 
recovering from a bitter straggle 
against cheap imports, appears 
increasingly unwilling to go along 

with President Carter's volun ; 
tjry an Li -inflation campaign. 
Instead the major companies may 
push for price rises on the 
grounds that they are a special 
case, and this could seriously, 
undermine the Administration's” 
drive to restrain inflation 
through the voluntary co- 
operation of industry. 

A poll of six major steel com- 
panies by the U.S. Press this week 
shows that no top executive 
would commit himself to the 
President's price declaration pro- 
gramme. which would lhnit total 
steel price increases this year to 
the 8.5 per cent average of the 
past two years. t 

They all appeared to Share the 
views of Mr. Edgar Speir,' chair- 
man of U.S. Steel', the country's 

NEW YORK, June L-/ ~\ 

lareest steelmaker who said last steelmakers would generally; 
week that he did not feel “bound” make a contiibu tontokeepuig 
by the President's call tp prices down. 7 

decelerate price rises even though poll shows that this ■. is not. . 
he totally supported efforts to necessarily the case. . .; 

hold down prices. F . or 1 15 ■ 

Any further price rises this chairman of Bethlehem Stwl, v 
year would be in addition to the who was. singled out uy.JSt , ^ 
two already announced, one of Strauss for his past co-operation, -- 
5.5 per cent in February and stood by his earlier etatement - . 
another of just over 1 per cent that the unique situation and Iwry 1 
in April. The second coincided profitability facing the steel 
with a further surge in inflation dustry did not put it in a pOartUHt-rry 
and drew top level criticism in to absorb price increases. ■-.••• -r 
spite of its small size. Apart from the rising costs.; ; 

Mr. Speer's remarks were with which they are grappling/V--. 
sharply attacked by Mr. Robert the steel companies are still- - 
Strauss. President Carter's anti- unhappy about some aspects oL 
inflation counsellor and the lead- the trigger price mechanism, .• 
ing figure in the Administration's which brought progress on the 
efforts to coax industrial leaders -problem of cheap imports, 
into joioing tbe voluntary pro- Now that domestic market -., 
gramme. prices are better protected 

Mr. Strauss declared that U.S. against outside undercutting, - ; 
Steel was being exceptionally they are clearly out to restore - ‘ 
uncooperative, and that other profit margins to decent levels. . 

Carter election finances ‘queried’ 


suggestions or his involvement in ) by OUR OWN CORRESPONDENT- WASHINGTON. June 1. 

cocaine irafllcking included in a; . 

U.S. television documentary In WELL OVER a year after Presfe- .campaign (President Ford -re- By contrast the Ford campaign, 
April which drew on a report debt Carter moved into the White ceived roughly the same). which has been audited, listed 

produced by tbe White House House, the Federal Election According to the Journal. $90,000 of such “ miscellaneous 
narcotics adviser. Dr. Peter Commission is still a long way several people listed as recipients expenditures.” 

Bourne. The U.S. Ambassador Lu from completing an audit of his of money from the Carter cam- Tho _ lcft ,v-- n 

fnlnmhia immoiiintdlv K.iklicUn/1 1 p^mnalfn appnrrlinp f r. rpiw. rtc noinn ira nitcifiiu thnr nanar P*»PPi 3150 ICporiea UJcfB 

Colombia immediately published campaign, according to reports paign are positive they never . “ 1 “Jf® 

a letter calling the accusation here today. received anything like tbe “ i2“ e r J*?P 2! 

incomprebensible and absurd. In a long article, the Wall amounts listed in the campaign's 
and pointing out that the U.S. Street Journal reported today financial statement At the same P p p™ 

Government had od evidence to that the Commission, which over- time, some of the uses to which ,, 

support such a charge. The sees elections in the wake of a the money was put appear vague _!° r „ e 

church, the industrial gToups new low providing for federal in the extreme. out vole pa^eots- 

and even the Conservative eandi- funding of election campaigns, Some $603,000 is noi accounted The explanation for all this 

date joined in defence of Sri has uncovered a series of anoma- for in any way on the grounds. m ay not necessarily be sinister. 

Turbay. who has denied the: lies which could prove damaging according to the campaign staff, Th „ cu , tom oF 
allegations. • io President Carter ' in the that it. was all disbursed in sums ' ® ™ 

A Liberal party businessman months ahead. of less than S100. Under the locai stalwarts to hdp 

commented thjf standards ini Mr. Carter received $21.Sm of law, such contributions do not them get the vote out is- time 

Columbia have declined so much j Government funds to finance his .have to be itemised. 

that^ an association with drug i 

Irafllcking would nut necessarily j 

Conservatives have openly! Brazil puts off I Canadian 

accused each other of using . . » 

r,ver meeting strike mo 

President Alfonso Lopez By Robert Undlcy B Robert Gibbens 

Michelsen has always claimed BUENOS AIRES, June 1. iinvTnvii 


Canadian Steel 
strike move 

Fraser starts 
tour in NY 

president Alfonso Lopez By Robert Lindlcy B Robert Gibbens ”7 J onn W / J « 

Michelsen has always claimed BUENOS AIRES, June 1. ~ MONTRFAT jiin» i NEW YORK, June 1. 

that drug smuggling is essenti- THE ARGENTINE Foreign MR- MALCOLM FRASER, the 

ally a U.S. problem, and be Ministry has expressed its “ sur- CO-ORDiNATOKb FROM It Australian Prime Minister, 

commented in the television prise and perplexity ” over a ,ocal branches of United Steel- I arrives here to^ay at the start 

documentary interview that “we unilateral decision by Brazil to workers of An erica In the of a three-weCk foreign tour 

are not corrupting the Americans. L -a 11 off the meeting of Foreign Quebec-Labrador Iron mining which will also include visits to 
The Americans' are corrupting Ministers of Brazil. Paraguay area » miles north-east of London, Paris and Bonn, 
us. an( i Argentina, due to take place i Montreal, are meeting again to The centrepiece of his five 

A spectacular raid in late April j B Brasilia on June S and 9. P ,ot a new strategy in the days in the U.S. will be a speech 

resulted in the seizure of more The Ministers were to discuss strike which has already made on Monday to tbe United Nations 

than 600 tons of marijuana stored Argentine proposals for a idle 10,000 workers for more, j General Assembly on disarma- 

,n warehouses on the Caribbean “definitive solution ” to the long than 12 weeks. menL 

coast, earning President Lopez a- haggling between Argentina and Each local bran eh negotiates [ ■— 

tSUf.!? ui 3t 5 ry from A. Brazil over the use of the waters with the mining companies I U.S. COMPANY NEWS 

i 1 bis quantity y f the Parana river. The cen- separately, but those branches _ . . . er ,„ . . 

represents only a sma 11 propor- tf a | dispute is bow high the dam representing employees of the ®fcision near in SCM court fight 

• n £ C estimated Slbn a wall of the projected Corpus biggest producer. Iron Ore : ' r *^ 1 Xerox; Shell Canada 

f5, a ,r, e cour l lr - v earns hydro-electric scheme should be Company of Canada, usually ! coal mine plan: CBS-Fawcett 

Sckmg aDd C0CainC 0Q ^ ParaD;i set °* e lone 0/ negotiations, i purchase row. Page 30 

The aulhnritios resent wbal I 

they sec as an indirect attack T ■ _ 1Y„~1 _1 f ■■ ' ** i /"I 

on one nf the few Latin I ||P |iQ||^|OV|f|C i /j 

American democracies, so dose! -M- j / 

to the elections. But Colombia's j -—^3, \ / 

democrjtic pretenlions are I _ - r‘ f / V% S V _ 

widely ridleuied by the unions. _ ■ 1 -Santiago >■ • 

the peasant, and Indian ossocia- flO 1 1 ri=H»- ^ k U 

turns, and the opposition uoliti- V# HMJL 

cal parties. Even an ollicial of . BUENO S=^ 

the Conservative trades' union BY OUR PORT STANLEY CORRESPONDENT AIR E&— 

federation called the country “a ^ _ : — - 

caricature of democracy “ last BUENOS AIRES is only five islands and that if the Argen- == ^ Z? ^ 

week. Given such widespreail hours' Hying lime to the north linians are allowed to continue ==iO . Y— 1 ■ — 

criticism of the administration, and hundreds of the Falkland in Thule, their next step might =3Ssi ' y ' -ft- - " ■ ~~ 

it is surprising that the non- Island's 3.900 inhabitants are of be a “back-door occupation " Of .- y —~— — = 

tradilonal parties cannot draw Scottish descent, but only two the Falklands ■ ' ^ - = .. 

the voles of discontented voten;. islanders expect to be in Argen- The talks between Britain and f y * '■ . C - ■ — - - 

Normally split into numerous tins to support Scotland on Argentina have taken on a new ■: i 'rr , — " 

factions, the Lert has regrouped Saturday in the World Cup. The dimension with the possibilitv tK ^ ~rr: 

into three coalitions for the majority of Scotland fans have that oil might be found offshore EEfiA ' T=FALK!.AND IS.: 

elections— fielding virtually tin- decided to stay at home — for and with the proof that the — y_ -^^Mpogr- 

v ', ho ' saf 5, , , y '.w ... . region’s fishing resources are -^-—h tanley 

their constant attacks on the All the islanders arc almost abundant. — — - 

“system." call for support constantly aware of the dispute while It would be some vears — ■ '^ S — 

wjthm it. between Argentina and Britain before any oil could be landed - — , , 

. G ^ n " a i AI ^? Va To . v;ir ' °' cr c . t ^ c , future sovereignty of rrom the savage seas around the ~r; • — y Miiw ~go c 

leading the National Renovation the Falklands and that the next islands, a more immediate mnne- — fc-SSCaa— J I 

Movement in an anti-corruntian round of talks on the issue is lary boost and a benefit to lhe * 

campaign, has the dubious due later this month. British economy could come I 

advantage or being remembered Discovered bv John Davis, an rmm fhe fisher'u^ xi n»,nnt to unprove internal communlca-I 

By John Wyles 

NEW YORK. June 1. 
Australian Prime Minister, 



MAPC0 1 


In the past five years,- 
MARCO dividends have | 
grown from 27c in 1973 - 
to $1.20 in 1978. And | 
our first quarter 1978 - ■ 

increase is the 14th div- 1 
idend increase in 13 •. ■ 

years. It's an impressive ■ 
growth picture for any £ 
company. " 

Interested ? Write for I 
MAPCO’s lastest report - 
ft’s good reading. | 

i tymageo | 

I D* pi P.1CC0S.BaWnm«Ara. ™ 
Tuw*. tftlahaua W119 ■ 

— SftlBOLMOA.mSE. ■ 

I mwse-pse m 

l I 



The Falklands 






suneroa aroru ujc ijscisi raoei t-renrh ana spanisn. until 1 * 0 : 1 . j 3c k of expertise among tbe 100 major settlement some 50g 
pinned on it by Bogota's leading when a permanent British settle- native Falklumlers who arc a “Res away. B 

Liberal daily. meot was created and the Islands farming communitv. Further development, tnj 

“ I've never voted for anyone, became a Crown Colony. Argen- However there is tremendous supplement income from th« 

I should vote only if someone tina's clnim is based on the idea activity in' the area by foreign woo! industry, will be needed t« 

paid mo. whoever it was." of a succession of sovereignty fishinc research vessels trawlers maintain the high standard oH 
a Bogota shanty dweller said, from Spain of all lands south and factory shins Russian Palish livin S enjoyed by the islanders 

Though votes were reportedly of the River Plate from the and West German vessels are corapared with residents oS 

bought for as much as a week's Andes to the Atlantic- Ocean. f reqU cnl visitors, with occasional s «u^ern Argentina. Kelp, S 

wages in the congressiona The islanders have recently CJ |i g beine made bv East German, giant seaweed found in abuncH 

elections in February. President become aware of Argentina s Romanian and Japanese trawlers ance around the island, offers on« 
Lopez has called for a damp occupation of the south Sandwich l0 lake on proV isions or land opportunity as alginates prcH 
down on all forms of vole island of Thule, a dependency or na ,} ents r 0 r treatment dneed from this plant are used! 

trafficking. Both Liberals ar.d tbe Falklands. The Argentinians 1 . ■ . .. . in ice-cream, beer and cosmeticsS 

Conservatives are, naturally, pro- have been installed on this bxperiincnVs are being earned Trial* have been conducted bvl 
dieting their own cvcrwheiming island since late 1976 and remain out W| l“ lhe drying of fish .or Alginate Industries bur diu» lol 
victorj - , but both are also pre- in spite of Notes of protest from oumpp consumption and the ihe recession durin- the last 
paring for the possibilily of the Brilish Government. Falk- establishment or a fishmeal plant, three vears and the^ uncertain, 
defeat by claiming that their landers 'believe that it is a move The British Government political situation the trials ha.wa 

opponents are resorting to fraud. I in the political game for Ibeir recently made a gram of £3ui not been pursued. 


i . 



I*aȤiJ,S. agreement likely 
on nuclear safeguard pact 

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ON .JjS. t. 

Ti»ro •. ■ 
ii u .i . \ l J . !hik 


IRAN ,ANT> - the United States 
are jiti&jyVto 'ieadi final agree- 
menrori a. draft tiueiear non- 
proliferation ^treaty within the 
nerrt Tew . weeks. Therp reiimin a ry 
- initialling, -.expected, to take place 
in -Tehran at the u senior work- 
ing " lewk - will - clear the way 
lor fuLbscale cbaimenrial negotia- 
tions ^to‘ resume between Iran’s 
Atomic’ Energy. Organisation and 
U.S. companies, for. -the supply 
of up : to eight unclear power 

..The... formal : signing 'fit . this 
treaty, which the US. hopes will 
serve. ;as..'a'. .model for . other 
bilateral- agreements ' with non 1 

nuclear countries, will probably 
be reserved for an occasion such 
confirmed that a compromise 
as" the two countries' annual 
joint Min isterial commission 
meeting, later this summer. 

:After over two years of nego- 
tiations, diplomatic sources 
has at last been reached with 
Iran over the touchy question 
.of. nuclear safeguards. Iran is 
reported to have agreed to forgo 
the reprocessing of spent fuel 
from U.S. - supplied reactors, 
without American approval. 
Restrictions also apply to U.S.- 
supplied fuel used in other 
countries’ power plants. 

In return, an Informed source 

Bankers believe yen 
will remain strong 


the JAPANESE! Yen’ looks set 
for another round of steep appre- 
ciation against the U-S;. dollar, 
according to:bankers and foreign 
exchange dealers contacted in 
Takyo in recent days. 

The dptiat declined sharply 
this morning, from Wednesday's 
closing rate of Y223.I5 to Y220.4. 
By the close of ' trading, the U.S. 
currency inched back up to 
Y221.2, but the Barry of activity 
surpassed the- Wednesday level! 
The spot '-volume was$567m up 
from the previous day^sJ540m. 

Many analysts, point bat that 
the market was affected- by the 
recent azmouocemeaL of U.S. 
inflation statistics, for Aprifc 
which showed prices rising at 10 
per cent on ah annual level- (com- 
pared with about 4 per- Cent in 
Japan!. : Hilt , whatever the 
immediate cause for. the yen's 
renewed - attraction _on - foreign 
exchange . markets, . a consensus 
seems to have emerged among 
leading Japanese 'bankers’, that 
the yen will rise further. 

“Most bf us think , the yen will 
growr much -stronger unless 
American " - policies - change 
or there is a major reflationary 
package in Japan, very soon,” 
according to. one oT Japan’s top 
bankers. He predicted that the 
yen could rise •“ very quickly ” to 
the benchmark level of Y200 to 
the U.S. dollar, a 54 per cent 
appreciation from its Smith- 
sonian^ parity! -v ‘ Asked ^o define 
“ very quiekiy,” he -suggested: 
*• Much before September.” 

One soft push to the ‘yen was 
delivered this afternoon when 

■ TOKYO, June 1. 

.... ^ ; 

■> „ 

the Japanese Finance Ministry 
announced that Japan's gold and 
foreign exchange reserves stood 
at S27.7ba-at. the end of May, a 
rise in holdings from the $27.5bn 
level a month earlier. The modest 
increase- reflects the remarkable 
degree of stability on exchange 
markets in the market or lend- 
ing large sums of foreign 
currency to'the commercial banks 
to repay dollar loans. But the 
tire Is in stark contrast, neverthe- 
less, with the huge Sl.Tbn 
reduction! in .reserves during 
April.' 'V 

The ^recurrence of wide 
fluctuations in the yen-dollar rate 
coincided this week with work in- 
side ,;’tbe Bank of . Japan and 
Finance Ministry on lifting some 
of! the short-term currency con- 
trols implemented on March IS 
to counter the flood of hot money 
into yen. Although rumours 
have been circulating, for days 
that a relaxation, of rules is 
imminent; no announcement has 
been - made ' and some market 
analysts fear the. yen’s rise yester- 
day . and today could spike the 
reforms before they' happen. 

AiSiough government officials 
say that Japan's trade surplus in 
May seems to have stayed 
roughly" at the April level, many 
-bankers' and economists node 
that in yen terms • Japan's im- 
ports have been falling in /recent 
months. This trend, they reckon, 
will, continue, ^unless, there is a 
massive -stiimdfltron - of private 
demand dn Japan — an option not 
particular! ylifced by Mr s Takeo 
Fukuda, tiie Prime Minister. 

-wr - H 

said there had definitely been 
compromises on the U.S. side. He 
spoke of the “ positive spiriL" 
with which he said the Iranians 
are clearly approaching the final 
stages of the negotiation. 

On New Year's Eve Presi- 
dent Carter revealed in Tehran 
that there had been u break- 
through in tbe long pro- 
tracted and troubled talks with 
Iran. In tbe five months since 
then, minor obstacles are believed 
to have been encountered, and 
overcome, but there have been 
no major changes. The longer- 
tban-expected last phase of dis- 
cussions is believed to have been 
taken up mainly with ensuring a 
mutually satisfactory agreement 
to cover any future changes in 
the nuclear energy scene world- 

Although Iran has apparently 
given up its reprocessing option 
for the foreseeable future, no one 
here will say what the Iranians 
are going to do with the waste 
fuel from their nuclear reactors. 
The first four, now under con- 
struction. will come on stream 
within the next six years, and 
nuclear industry observers here 
feel that Iranian spent fuel will 
prohably be sent to Western 
Europe for reprocessing. Last 
Sunday, senior officials of the 
Atomic Energy Organisation said 
no decision has bec-n reached yet 
on the storage of Austrian 
nuclear wastes in Iran's huge 
desert areas. The proposal was 
first discussed in 1976. 

According to the English 
language Kayhan International 
newspaper. Iran will not be 
barred from reprocessing its own 
spent fuel, in the event that the 
U.S. gives the gn-ahead to any 
other country. Since last spring. 
Washington has attempted to 
bring about an international 
moratorium on commercial re- 
processing. in order to prevent 
tbe spread of nuclear weapons' 

9 Tbe Shah last night warned 
that Iran would fall under the 
sway of Communists if patriotic 
groups such as the armed forces 
and himself were not there to 
defend the country against 
current challenges. 

In an unusually clear refer- 
ence to outside interference in 
the current unrest, the Shah said 
that only two. centres abroad 
“were pulling the strings that 
led to riots and disturbances.'' 

The Shah spoke against a back- 
ground of continuing trouble 
among Tehran's large student 
population. Fresh violence broke 
out again to-day around Tehran 
University's halls of residence. 
Clashes between students and 
hundreds of riot police left large 
•numbers injured. 

. -. -■ \ . .- 

N. Zealand 
budget tax 
cuts aimed 
at unions 

By Dai Hayward 

EXTENSIVE income lax cuts, 
which Mr. Robert Muldoon. the- 
Prime Minister, expects trade 
unions to accept in place of 
high wage demands, and a 
substantial package lo help 
New Zealand's hard-pressed 
farmers were the main fea- 
tures of New Zealand's clectkm- 
ycar Budget announced to- 

Salary and wage earners 
with an income Of NZ$80 a 
week receive a NZ$2-80-a-week 
tax cut. Reductions are 
greater on higher incomes. In 

addition. New Zealand's com- 
plicated tax structure, with its 
19 separate taxation steps, Is 
replaced with five graduated 

New Zealanders have been 
paying too much in direct 
taxation, Mr. Muldoon said. 
The new rates were designed 
to help lower income groups 
and reduce the penalty on over- 
time earnings. He made it 
clear he expects trades unions 
lo accept wage restraint in 
return for Ibe tax cuts. The 
new lower rates, along with the 
5 per cent redaction in income 
tax last February, were, he 
said, the equivalent of a 9 per 
cent wage increase. 

In an obvious warning that 
the government wa<; prepared 
tor a showdown before the 
November election If the 
onions persist with high 
wage demands, Mr. Muldoon 
declared: 44 Increases sought 
recently hy some groups of 
workers have clearly been 
excessive. Such increases 
would threalen free wage bar- 
gaining. Unions, employers 
and government must seriously 
coaside r the implications." 

The Federation of Labour 
has a 14 per cent wage claim 
before the Arbitration Court 
The Government has already 
indicated this is too high and 
would seriously affect efforts to 
bring down the inflation rate. 
In his Budget speech. Mr. 
Muldoon revealed that inflation 
for the March quarter was 
down to 2 per cent — the lowest 
since -December 1972. 

The package of measures' to 
help New' Zealand's hard- 
pressed farmers will cost over 
NZ$200m. Thev include direct 
cash grants of 50 cents for 
each sheep. NZS2 for each head 
of beef cattle and NZ$5 for 
every dairy cow on their farms. 
There are also subsidies for 
fertilisers, irrigation schemes 
and farm transport. 

The budget also brought a 
petrol price increase to help 
reduce consumption. 

[ladesh goes to polls 


to be held in Bangladesh on 
Saturday U expected lo he won 
by the present leader. General 
Zia-ur Rahman. However, tbe 
43-year-old soldier who still rules 
with the aid of martial law is 
facing a strong challenge from 
a coalition of parties led hy 
another soldier. 60-year-old 
retired General Auul Gham 

The election is part nf General 
Zia's programme of re-innoduc- 
ing political life into Bangladesh 
after the period of military rule 
which started when the first 
President. Sheikh Mujibur 
Rahman, was assassinated in a 
bloody coup in August, 1975. He 
has promised to hold parliament- 
ary elections* in another six 
months and has said that he will 

step down If General Osmani 
wins on Saturday. 

On the surface Genera] 
Osmani's chances appear quite 
good, for ho has Sheikh Mujil/s 
old Awami League m his front 
of six parties, and the League is 
acknowledged to have the finest 
grassroots organisation of any 
political body. 

General Osmani has also been 
getting big crowds ji his rallies. 
One held on Wednesday in Dacca 
attracted the same size of audi- 
ence as the rally field in the 
same place by General Zia the 
day before. There is also frustra- 
tion with General Zia's regime 

General Zia-ur Rahman 

which came to the surface a 
month ago when there was a 
strike by 600.000 low-income 
government employees protest- 
ing at recently-revised pay and 
grading scales. 

Only the barest outline of 
policies has emerged in the 
campaign. Instead the main 
issue is whether Presidential 
government should continue or 
whether there should be a 
change to the Parliamentary 

General Osmani has indirectly 
accused General Zia of only wash- 
ing to perpetuate his rule. He 
says chat if he wins he will 
immediately take measures to 
abolish the post of President 

DACCA, June 1. 

Such a move could face opposi- 
tion from General Zia. who will 
still he chief martial law- 
administrator and therefore, the 

final arbiter. 

Although belli tmen have 
support in the army. General Zia 
is thought to have the edge. 
Observers here who consider 
General Zia's victory inevitable, 
say only its size is in question. 
When General Zia held a 
referendum on the popularity of 
his rule last year he won an 
embarrassingly large 98 per cent, 
endorsement. Counting of the 
potential 3Sm votes -is expected 
to be completed by late Satur- 
day or Sunday. 

Tile parliamentary elections 
later 'this year could give a more 
uncertain result General Zia's 
recently-founded Jagodal Party 

is still small and shares a plat- 
form with a disparate group 
including a conservative Moslem 
party and the pro-Peking 
National Awami Party. Although 
this group might hold together. 
General Osmani's equally mixed 
coalition has already said it will 
contest i fie election separately. 

General Zia is therefore being 
able to campaign on the theme 
of continuation or stability, in 
spite of an attempted coup last 
October Bangladesh has been 
spared major upseis. In the past 
18 months there have been no 
natural disasters and the har- 
vests have also been good. 

forces to 

System of rule undecided 

is a contest with it^ oddities, as 
can be judged fiy reading the 
election kit kindly supplied bv 
the Government. This lists all 
sorts of interesting pieces of in- 
formation — conleslants. party 
symbols, voter breakdowns— hut 
omits the term nf office of the 
newly-elected President and the 
system under which -he will 

This is because no one really 
knows. There is a common 
assumption that it will be a five- 
year term, based on the fact Shat 
previous constitutions have main- 
tained five-year terms in the best 
British traditions. But ,tihe con- 
stitution under which the Presi- 
dent will work will only he 
decided hy the President and his 
advisers after he has won the 

The election has been hilled as 
"The Battle of the Two Generals - ' 
because the two main contestants 
are both generals and each has 
held the job of Conimander-in- 
Cbief of the Bangladesh forces. 
In reality it will be more import- 
ant for settling some of the 


unfinished business of the 1971 
struggle out of which Bangladesh 
was created. 

General Osmani was Com- 
mander-In-Chief of the Bangla- 
desh forces during the liberation 
struggle and was subsequently 
Minister of Defence an <the civil- 
ian government of Sheikh 
Mujibur Rahman. He looks the 
model or an old-style general 
with bushily jutting moustache, 
brisk manner and pepper-bot out- 
bursts if thugs are not done 
promptly. For this election he is 
carrying the banner of seven 
groups called jointly the Ganga- 
tanuiik Oikkro Jote. The main 
force behind this Is the old 
Awami League. 

General Osmani is calling for 
the rehabilitation of Sheikh 
Mujibur Rahman. He also wants 
to see a Prime Ministerial rather 
than a Presidential form of 
government and objects that 
martial law is still in force. "Zia 
will concentrate power in his 
own hands," he says. "We did 
not fight for liberation to estab- 
lish dictatorship." 

General Zia's platform is to 
stability he has created by his 

control of law and order and 
better discipline. A series of 
good monsoons have also helped, 
keeping the economy afloat with 
growth rates above 3 per cent in 
two of the past three years. 

In a sense the real questions 
will come after tbe election. Most 
observers believe that General 
Zia will win, since he is 
genuinely popular. But the first 
question will be whether the 
size of the victory is credible. 
As one retired army staff officer 
said of last year's referendum: 
“ I told Zia that I could under- 
stand the 98 per cent Yes vote 
for a Presidential system but not 
the 85 per cent turnout It was 
incredibly high.'' 

The next question will be 
whether General Zia can make 
any new system of politics work. 
He has been trying hard to form 
a credible political party and 
has by now attracted a motley 
crowd from both Left and Right 
under his banner. But whether 
he can mould them into a party, 
or even perform as President 
when politicians are carping in 
the National Assembly, is another 
question altogether. 

Presidents Hafez Assad of 
Syria and Elias Sarkis of 
Lebanon have agreed at the 
end of two days of talks that 
Lebanese troops should enter 
south Lebanon as part uf a 
" number uf measures adopted 
in order to consolidate the 
authority or the Lebanese legal 
Gyiernmenr all over ihv 
country.’' This statement came 
al the end or the talks at iltr 
northern Syrian port oF 

Latakia, our Foreign Staff 

While the reassert ion of 

Lebanese sovereignly over an 

area in whu-li Israeli. UN and 
Palestinian Torces are operat- 
ing Ls undoubtedly what Syria 
would like to see happen, it 
would seem to be a statement 
aimed mainly at Syrian domes- 
tic opinion to show that ihc 
Syrian presence — in the form 
Of - 30.00U troops in the Arab 
peace-keeping force — untl its 
policies towards Lebanon in 
general are successful. 

However, tension has been 
rising again in south Lebanon, 
making it more unlikely that 
the embryonic Lebanese army, 
in the process of heing re- 
formed after the civil war. 
would be in any shape to assert 
its authority — with or withnul 
the help of other forces in the 

Envoy arrives 
in Zambia 

Mr. John Graham. Deputy 
Under-Secretary a t the Foreign 
Office, arrived iu Lusaka to-day 
to join Mr. Stephen Low. Lhe 
U.S. Ambassador lo Zambia, in 
efforts to convene' an all-party 
conference on Rhodesia. 
Michael Holman reports from 

Although there is little 
optimism here, Anglu-Zauiliiun 
relations are more cordial than 
they have been for many 
months. Zambian suspicions 
that the British and American 
Governments supported the 
internal Rhodesian agreement 
were removed during Presi- 
dent Kaunda's discussions in 
London and Washington last 

Martin Dickson adds: Mr. 
Joshua Nkomo. co-leader of the 
Patriotic Front nationalist 
organisation, yesterday again 
strongly rebutted suggestions 
that he might he persuaded lo 
return lo Salisbury to take part 
in the ‘internal" settlement 

Passing through London, he 
told a news conference that 
the internal nationalists who 
had joined !Ur. Smith in 
government were now realising 
that once "you join the 
monster, his deeds are yours." 


9 m • 

er these 

r ■ *• \ 'i ’ “ ■' * . ' • 





v.-V Z.-mm 



In recent years, British Rail has 

For example, since 1962 we’ve 
halved the number of people who 
work on the railways. 

While in thesame period 
we’ve reduced our wagon fleet by 
sixhundred and eighty two 
thousand vehicles, and the number 
of locomotives by over nine 

As a result, tonnes carried per 
wagonhave increased fourfold : 
by two hundred and seventy two 

Operating costs per train mile 
atconstantprices have been 
reduced by twenty five per cent. 

And although tonne-miles 
have fallen by oruy fourteenper 
cent, freight train miles have fallen 
byfifty sixper cent. 

Notthat these figures addup to 

They don’t: 

BritishRailis developinga rail 
business all of us can profit from . 







J - ® 

CflTJ rH 





'•Jo Aircraft 

New York 


3 Detroit 




San Franc/sco 


■ . Financial Tunes Ffiaay ouuc,^ «r,o 

• ' - / ;■ '* ' >■■■<<' » 

^Doubts over ! Canada row over 


OTTAWA. -Jun; 1. 

Bj r Terry Dodsworrh, 

Motor Industry Correspondent 


INDUSTRY AND TRADE Mr. Horned report makes J ^ se m !c?iudil • ^ 

i Minister Jatk .Horner .has been ^“JjSSurJs* wnipliani-e among "companies ih« G».-cm- 

| criticised in the Canadian Com- c0inpan ies with Arab meni has not named in crmnc> 

mens and hv the Jewish corn- re qu ests t hat they sever business linn with ihe Arab If. cot: »>. 


m unity because of his policy jlTutfo! vvith Israel' 
components statement Ibis week on the Arab ii ni j£r the IB-month-old 

ai companies am unlikely to have 1 boycott nf Israel. However, he 


line. any company signing with 


The n<‘W;pjDcr say# she 
Government withdrew ail pm- 



By Kenneth Gooding 
Industrial Correspondent 

Ericsson nears completion 
of major Brazilian deal 

Arab nation a contract con- motional and nnancial support 

from Weslin chouse Iasi August 

c much success in selling parts to continues to Haim that Canada's in , %|-u |1Bilw „ 

o the Japanese. Mr. Malcolm ■ ao ti-boycoll policy ts working rainin' 1 a boycott clause un- 

« Nnrgate. finance .director of Asso- 1 we n. acceptable to" the Canadian after the company - agreed lo . 

The Minister was attacked by Government forfeits all govern- comply with Hie boycott in :■ 

Conservatives and New Demo- meni assistance rn relation to $£5m deal in provide pmenne 

, .. .. .Icratsin the House because of his that contract. . com pressor? to uir-a. 

London. Mr. Nnrgair said J* 3 * ! department's second semi-annual The policy was modified this © The Government is .. remit 
although Associated Engineering. ^ international boycotts, week so that companies that lose part of the 15 pec cent rmpo.t- 

----- " J be duly of Volkswagen of Gunada ; 

six for imported cars and parts in | separate 
ision return for using more Canadaian- i Isfahan 

eistled Engineering. said ycster-l 

Speaking at a seminar in 

was continuing '-^orts to s-H '"I Earlier, the Canada-lsrael coni- government assistance will I 
Japan, ar the end of the ca tne j Jn j ttpe sa j d jt was so angrv and p U |>iiciy identified every s 
Japanese will always ^nna a frustrated at Mr. Horner's'state- months. Th-v naming provisii 

ment that it was to campaign was promised by external affairs made 

— l "M.^t« ,overa - M1 «rrs,r^ Mail 5i»ffiSSM5L“ “ n,df 

Brazil shoe exports to U.S. 


Jlii.i DE JANEIRO. June l. 

ufac- appear fo be making the same authorities gives I he F 
■ts to drive against the odds, with pro- textile industry only five 

Brazilian . 

duction up bv 22.4 per cent in to .sell as much as it can. By 
fibres alone in the first quarter. November 7 at the latest, the 

THE DESIGN? and projects 
iii» ision of Vickers has won a 
£20 m contract to supply Iran 
with a workshop for the over- 
haul of armoured i chicles. 

The nrder has been placed 
hj Mi II bank Technical 
.services, the contractual arm 
for ibe British Ministry or 
Defence. But it is entirely 
front Ibe £?0Ora 
ordnance complex 
It currently being negotiated by 
*■ 1 MTS in Iran. 

Vickers Design and Equip- 
ment will be planning and 
-upplying the complete equip- 
ment required for the work- 
shop facililv and says it will 
lake in some 24.00ft separate 
items ranging from engine and 
gearbox dynamometer facili- 
ties (o machine tools. 

As many as -SOu British 
companies will be involved in 
making the components and 
specialist equipment. 

Vickers- Dwi-ii and Equip- 
ment is part of the Vickers 
Engineering Group hut is inde- 
pendent of any manufacturing 
unit within the company. 

Mr. Chris Chcster-Browne. 
managing director, said yester- 
day the Iranian orders was “a 
major step forward in file 
Design and Protects drive to 
obtain large equipment supply 
cofi tracts around the world.” 
H took the order book to more 
than £50m and would require 
already extended, the division to lake on around 
expert facilities bus mo more people during the 
further wiihttf y.Y- - enmiug year compared with 

y industry. Difficulties. j|j(. 28ft currently employed. 

for help, Brazil reduced its shoe measures lo help exports would thrown up by the existing system ■ 

exports there from 26.7m pairs “only cure the symptoms.” not of guarantees far esenang* ri»r.s . v i’vJCD j n iVlaltn 
in 1976 to 17.6m pairs in 1977. the basic malaise. Mr. Karel on long-term contracts are being , in j*aais.«a 

But this year, it apparently BeyeiJ. State Secretary ar the reviewed and a possible e::i on-, TIII: SOVIET UNION h as sent 
I decided to close ihe gap and sell Economics Ministry with respon- Sion of cheap credit facilities i?- a n important mission to Malta to 
all it could before the axe fell, sihllity for exports, said. under study. * di.--eu<$ ways or improving eco- 

Brazil is not the only country The priority is to improve cosfs The possibility of granting 'Romic and trade tics. Godfrey 
to rush into the U.S. shoe market in industry and raise returns on mixed credits, comprising dc-l Grinui writes from Malta. The 
ilhis year: Hony Kong increased investment, he told a meeting of velopment aid and commercial move, preceded by recent ne?ot ta- 
ils shoe sales there by a stag- the Mela l and Electro-Technical loans, is being considered while on maritime and civil- 

tering 210 per cent, apparently Industry Association in Rotter- a study group has begun work on ! aviation affairs, indicates both 
account a recent gain in the [filling the vacuum left by the dam. The strong expansion of Ibe potential of combining liie. countries* willingness fo normal- 
Ganadun dollar relative to many ! voluntary restraint of South Derailed measures to stimulate experience of Government de-iise relations that have been low 
other currencies " Korea and Taiwan. exports will be considered when partments and private industry Pjj since Mr. Min (off's Labour Party 

Agencies I Brazilian textile manufacturers the Government concludes its re- promote exports. (came to power in 1971. 

reason tn resist buying. 

His comments eome at 

when several UK companies are I ^nV anli-boycott' poTicy. 
increasmc efforts to sell to Japan 
in an effort in counterbalance 
trade between the two countries 
in motor cars A hint a year ago 
a delegation of Janane-e car 
company buyers visited Britain 
to. discuss pr<i«pect< 

Mr. Nurgstlc said that Asso- 
ciated Engineering, one of. 

Britain V l;.rce«i components _ 

groups. Tell that a better wa> nf, BRAZILIAN t>HuE man 
competing vith ih-’ -lanancsc was Hirers increased their exports 
tn win hustnr in the replace- i he I'.S. by nearly three-fifths in 
ment market for their 

ihe UK. 

them throughout the world. 



L. M. ERICSSON, the Swedish 
: telecommunications company, has 
; emerged as the favourite to win 
a contract to supply electronic 
' exchange equipment worth, be- 
’ tween £30m and £40m to the 
' Brazilian Government. 

! Under the terms of the con- 
i' tract, majority voting rights in 
I the Ericsson subsidiary in 
Brazil. Ericsson do Brazil (EDB). 
will be taken by a Brazilian 
company. - 

i Between them, Ericsson and 
EDB will supply equipment for 
50.000 lines in Sao Paulo, and 
will sign a letter of intent cover- 
ing a further 180.000 lines. 

Ericsson yesterday requested 
(he suspension nf dealings in its 
shares on the Stockholm stock 
•exchange. This move was 
: thought to have been taken to 
; avoid speculative buying during 
! Ihe final negotiations on the 
; contract. 

Ericsson emerged as favoured 

Canada cuts 
VW import duty 

OTTAWA. June l. 

countervailing duties in the 
Form of customs tariffs j likely In 
he 20 per cent on shoes i are to 
he introduced tn protect U.S. 
manufacturers from Brazil's ex- 
port subsidies, a term the 

Dutch export aid studied 

supplier in competition with ITT 
and" the Japanese “TOLjgjf 
Nippon Electric, both of wnicn 
have Brazilian subsidiaries. 

The Swedish company has 
offered Its AXE . elecWimc 
exchange with the intention ior 
manufacturing . the system 
through EDB. Ericsson presently 
owns 92 per cent of the sub- 
sidiary, which is valued at 
around I47m. ^ 

Ericsson said yesterday that it 
had sought increased Brashur 
involvemeat in EDB for some 
time, independently of 
present contract 

A Brazilian insurance gro«P. 
Atlantica Boa Vista, ^negotiat- 
ing the future ownership struc- 
ture of EDB. which wiU be 
subject to the approval of toe 
Brazilian and Swedish govern- 
ments.. . . , 

Ericsson anticipates that 
Brazilian participation in EDB 
will comprise less than 51 per 
cent of EDB’s total shares, 

though the Brazilians would.: take 
majority voting righto; ih, any 
future arrangement 

Diana Smith' writes- from-Bio 
de Janeiro: Having been, placed 
at the top of the list .Ericsson 
will now begin negotwtions ^ijtb 
Telebras, the State tele^ape; 
agency- The -Brazilian; Goveitt-' 
ment to insisting that the : Mh- 
ning bidder guaranies 'a jsMj 
degree of nationally mde icprfH 

ponents in the new' eyeb^ge^ 
and ample teChnoloffl transfer.' 

Gia Atlantico de -Segurosa-tiiei 
Brazilian partner . trf EriesSna ^ni' 
the bidding, is - owned py - the : 
major Brazilian bank,- - Bradfeseb-i 
The- Ministry of Comnunuca&ms 
has announced that iE Ericsson 
cannot fulfil the requirements, 
it wilL call in Standard Electric 
for negotiations. " ' . ’ ‘ 

Equally if Standard ' Electrie. 
does not meet the specifications, ' 
then the third bidder on ’the list 
the Nippon Electric- Company, 
will be invited to negotiate. 

UK ‘not needed’ in new Airbus 


of social and 


Can.-idian-inude Paris. 

The Government will remit 
part of thf 15 per cent import 
duty levied against Wdkswagen 
for imported cars and parts. The 
plan removes duly from Cana- 
dian-made purls in an imported 

© The Government is aUn to 
adjust levies on exports of crude 
nil and uil products to take into! 


| DEVELOPMENT of the scaled- 
; down BIO version of the Euro- 
Ipean Airbus A30Q wilt go ahead 
| irrespective of whether the 
i British Government decides to 
commit the foods that would 
iopen the way for participation in 
j the venture by British Aerospace, 
j That is the view expressed by Mr. 
Gerrit Klapwijk, outgoing execu- 
tive chairman of til e VFVY-Fokker 

1 But in common with manufac- 
turers already involved in the 
: Airbus consortium, Mr. Klapwlik 
-also emphasised at a press con- 
: ference in Dusseldorf that the 
European aerospace industry’s 
clear preference is for going 
ahead with tbe British, rather 
than without them. 

| He said that until the British 
Government had decided It would 

not be possible to apportion work 
on the B10 project But by impli- 
cation he confirmed a possible 
overlapping of interests between 
VFW-Fokker and British Aero- 
space in the venture by saying 
that his company would seek as 
technically advanced a share of 
the job as possible. . 

His answer appeared to indi- 
cate that if Britain does not 
remain in the project, building 
the wings, as it does for existing 
Airbus types, VFW-Fokker would 
try to secure the work for its 
own under-employed Bremen 

Work on supercritical wings, 
for the airbus and far the com- 
pany’s projected Super F28, has 
been going on for some time in 
the Netherlands. 

Asked whether Governments 

BONN, Jane 1. ' 

could afford to fund the B10 and 
the two projected Joint Euro- 
pean Transport (jet) programmes, 
Mr. Klapwijk said that if Britain 
threw in its lot with the Euro- 
peans, taking design leadership 
for at least one JET -type, ade- 
quate finance would be available. 
• Midland Bank has concluded 
negotiations with Airbus Indus- 
trie in Toulonse to finance a 
£21 Bm contract to British Aero- 
space for 15 sets of wings for tbe 
A300B. Much of tbe loan, avail- 
able in U.S. dollars, carries the 
support and guarantee of the 
Export Credits Guarantee Depart- 
menL the rest being provided by 
a commercial Euro-do liar facility. 
This is tbe first time an Airbus 
wing sale has been conducted in. 
foreign currency. 

Thailand likely to buy 747s 

Not saw-prising, seeing we own the world’s largest fleet of then?. 

Anyone who makes regular trips 
across the Atlantic will know that it's 
worth choosing an airline whose people 
care aLxiut your comfort. 

Wirh Pan Arris people you get a 7~i ~ 
everv time. And nothing less. 

Not to mention a superb choice of 
food in Economy. An exclusive First 
Gass Dining Room. Two great movies. 
Eight stereo channels. (A small charge 
has to be made for these to comply with 
international regulations.) 

And last but not least, a service that 
only Pan Airis people can offer. 

If you’re mailing a trip to the States, 
ask your Travel Agent to book you on a 
Pan Am 747 And fly out with the world s 
most experienced airline. 


accepted a proposal front Boe- 
ing to buy three wide-bodied 
747s with options on another 
four aircraft {’ 

Company sources are confi- 
dent that the Governments which 
bas just received tbe airline's 
recommendations, will approve 
the deal. If so, the first aircraft 
is scheduled for delivery tii 
October 1979 and the other t>n 
in Ihe first quarter o( 19S0. Tbe 
price is “ between 550m and 
lS55m” exclusive of engines. 

The Thais are considering put- 
ting Rolls-Royce RB-211 engines 
in the Boeing 747 aircraft which 
can abo take engines made by 
General Electric or Pratt and 
Whitney of the U.S. lndustry 
sources say the Thais would ?ive 
Rolls priority if the British 
Government were prepared to 
improve Thais traffic rights lo 

At the moment Thai Inter- 
national is permitted to fly to 
London only after making at 
least one other European stop 
— presently F rankfurt. Thai 
would like to see this restriction 
lifted so it can carry a higher 
proportion of the growing tourist 
traffic pool in London who want 
to fly directly to South-East Asia 
where the tourist industry' is 
growing rapidly. The airline 
argues that if it is to expand 
and buy British products then 
the British Government should 
be willing to give Thai Inter 
national a larger share of the 

Last year Thai bought two 
McDonnell Douglas DOlOs, but 
the purchases nnw being recom 
mended indicate that Thai 
switching its wide-bodied fleet 
'entirely to Bneiog. To facilitate 
the switch. Tbai international is 
asking Boeing to alter the cock 
pit design morr in line wilh the 
McDonnell Douglas layout which 
Thai pilots arc familiar with 
This accounts for the price spread 
nnw quoted in Boeing's pro- 

The Boeing purchases arc part 

Italians win 
Pakistan order 

By Paul Betts 

ROME. June 1. 
SNAMPRUGETTI. the engineer-! 
ing and planning subsidiary' of] 
Ihe Italian State hydrocarbon 
agency. ENI. has signed a con-j 
tract to build a urea fertiliser' 
plant in Pakistan. The plant will 
represent an investment of more 
than $200m and is to be con- 1 
structed at Goth Maccbl in the J 

The financing for the S200m 
project will come From tbe Inter- 
national Development Associa- 
tion (IDA), the U.S. agency for 
in9‘ma(iunai development, and 
ihe Kredilanslalt tut Wlcderauf- 
bau. the Italian company said. 

Following the contract with the 
Pakistan Kauri Fertiliser Com- 
Ipany. Snamprnveiii will provide 
know-how and planning Tor 
l he project, while ihe Italian 
| .5Mt/-cr»n trolled chemical group, j 
AN1C. will train the Personnel 
for the new fertiliser plant. 

of a five-year expansion plan at 
Tbai. Last year tbe airline sold 
its six DC-8 generation aircraft 
to an American leasing company. 
Last year It bought four Airbuses 
series B4 at a fly away price 
of $26m and has placed a firm 
order /or another two for 
delivery in March next year. 

Thai is also suid to be consider- 
ing further purchases of Airbuses 
Unked with a scheme outlined 
recently in preliminary dis- 
cussions with a representative of 
a Japanese bank aimed at reduc- 
ing Japan's trade surplus with 
tbe EEC. 

Michael Donne, Aerospace 
Correspondent, writes: Boeing, 
which has now collected orders 


for nearly 400 747 Jumbo jets, is 
planning to raise the production 
rate of these wide-bodied aircraft 
to seven aircraft a month by 
late next year, from the present 
1.5 units a month. 

This production surge is being 
dictated by the rapid inflow of 
new orders for the 747 in all its 
versions — passenger, combined 
passenger/freighter. , and ail- 
freight roles, together with the 
Special Performance very-long- 
range version. 

• Air Anglia today ordered two 
Fokker F28 4000 aircraft from 
the German-Dutch company 
VFW-Fokker. The airline will be 
the first British operator of the 

European ferries 

Annual General Meeting 1 June 1978 

Year to 

Year to 

31.1 Z.77 












Profit before Taxation and 
Extraordinary Items 
Attributable Profit after 
Taxation and 
Extraordinary Items 
Earnings per Ordinary Share 
before Extraordinary Items 
Dividend per Ordinary Share 

Our shipping operations continued to provide tbe backbone 
of the Group's profitability. 

We have introduced another new freight ship 'European 
Enterprise’ to our laige Dover fleet; added Felixstowe- 
Rotterdam to our network of passenger and freight routes ; 
enlarged our Portsmouth services to complement those of 

Thejnumber of tourist bookings indicate that the current 
year will show increased carryings over 1977. 

Major capital expenditure programmes are under way aC 
Larne Harbour and at Felixstowe Dock, each of which 
returned record profits during 1 977. 

The acquisition of English and Caledonian Investment 
Co. Ltd has added considerable strength lo our balance sheet. 

The Shareholders’ Concessionary Scheme still attracts 
wide support and. will continue in 1979. 

For the Report and Accounts , detaiis of all Townsend 
Thoresen services and the Shareholders' concessionary 
fate scheme, write to the Secretary. European Ferries Limited. \ 
Trafalgar House. 11 Waterloo Place. London SW 1 Y 4 AS. 

Pan Antfs People. Their experience makes the difference. 

Turkey steel study 

Kaiser Engineering, of Oakland. 
California, bas won a contract 
to prepare a feasibility report 
for Turkey's planned fourth iron 
and steel complex, to he built 
in Ibe eastern province uf Sivas. 
according to Industry Minister! 
Or ban Alp. AP-DJ reports from 
Ankara. The complex Is to have 
■j capacity of 2m tnnnes annually 
and is estimated tn cos! SMhn. 
rif which foreign currency would 
amount to 8476m. 

The Building and Civil Enginering page 
is published in the Financial Times every 
Monday and carries news items relating to 
contracts and important developments in 
the Construction Industry. 

For details of the advertising space 
available on the page each week, and costs, 
you are invited to telephone 

01-248 8000, Ext. 360 
or write to The Advertisement Director 
Financial Times 
30. Cannon Street, London 

■- -“-'CCI 

ia!v15meS'‘Friday June 2 1978 

r ^ r l ^ 1 ! l|fl 

hat if BnS 

a ^adentm 

■ante-; of ^ 
rar.tee Dcpan- 
ig provided 1- 

i co&ducied a • 


-* i 

i 1 


IK. Ju3C 1. 

■ Jur.i'o joy :• 
the- ^ r >d-jcLv: 

.hniU'i! J 

■yutT 1 . 

; a t»* n'h i i! 


1^1 I 

■ .7 fl 

■ 1 >' 

| 1 a ’- 

vA/' . * 

I »M* J,'* ■ * 

rar-i '3 ir:lw •■■ 
it* 747 *:! ' 

cr. and ■>■ 

•etlicr v-:ii. - 
ancc %e"**P^ 

iat ordered 

0 airsrfj:: 


e airiine vc~ 
operdiu" ti 



3 t. 12.75 


1 1 . 07-7 

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'Vlif'v ^rv-r!o'.---jM‘-*v , .: t-V - . ■■' ' •!“ '■ 

iK - ‘ • '/A ;£ 

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j ^ : ;.r •• 

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■v ■■ '*. 7 ^ • .* 

o T* v*-’ '.v X ■ V* • ■ *+ ■ ■* ■ . ■ 

; ^V" "■< /V\ "' 

••.•;. .'• ■/ '“ ■ {: ; ; •’ ; • ’ 

finer firing control 

consistent quality 


/Europe® 1 

HtOA'3' _ 
ghT fC'J«s» 

: the cure ’: 

I vrtitth 

'-.I- ' , •' >. 

'• -: 5 ~ ■•. tfr v -;j!v *v,‘ ^7 - ■. "-y ^ ■ ;• -. . ; . 

-' ' £- • is i -i . . ... 

Tvczir.':'- j >7 ..; 

i:ba;SM^ - ■* 

Si Stw £:i 

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^arrw5i ,, 7‘' 

^ ?K 4^s 


gating t0 
seats i» 


.. * * mJ *> ? ‘l . ■ . ■. ,7, J - - 

- i,Av ‘ •— r::-..*.jv • 

Gas is the best fuel for premium usage. 
Economical, versatile and efficient it will improve the 

quality of your products. 

Youll get higher and consistent quality and less 

rejects. And so a better looking balance sheet at the 
end of the day 

Fmd out more by ringing the Industrial 
Manager of your local British Gas Region and he'll 
arrange for a technical representative to call. Or send 
in the coupon today. 

To: Bri tish Gas, Industrial Sales, 326 High Holbom, 

London WCIV7PT. 

I would like to know more about how gas can improve 

Name — — 

Company — 

Position in Company - Jm 

Address P 


* a a. > <v 3? 



Anglo American Gold 
Investment Company Limited 

(Incorporated in the Republic of South Africa) 


An announcement was published in the on March 'il 
1978 advising members of a forthcoming private placing by 
the Company with certain South African financial institutions 
of R25 million 10.5 per cent redeemable cumulative preference 
shares. The issue is expected to be effected on .luly 1 1978 and 
the proceeds will be used to reduce short term borrowings and 
to finance new investment commitments. The new preference 
shares will have an average life of approximately four years 
and will carry no conversion rights, .nor is it. proposed to 
obtain stock exchange listings for them. 

In order to place the Company jn a position to issue 
redeemable cumulative preference shares on thp announced 
date of July 1 1978, for the capital amount and at the dividend 
rate referred to above, it is necessary to bold a general meeting 
of members to approve special resolutions lo, change the 
Company's preference share capital structure as well as o 
amend the Articles of Association insofar as they contain 
conditions relating to preference shares. The meeting will 
also be asked to pass an ordinary resolution empowering the 
directors to issue the preference shares. 

The Companv presently has an authorised share capital 
of RJ8 '200 OOO divided into 22200 000 ordinary shares of Rl 
each and R6 000 000 7.5 per cent redeemable cumulative 
preference shares of Rl each. In order to avoid the expense 
of creating additional preference shares it is proposed W 
sub-divide the existing R1 preference shares into 60 million 
shares n[ 10 cents each. No fixed dividend rate and no 
redemption terms will be specified in the Articles of 
Association but the directors will he empowered to tix the 
rate and redemption terms at the time of issue. 

The amendments which it is proposed to m.\ke to the 
Articles of Association will enable tbe Company to make the 
necessary changes to the preference share capital structure and 
provide for the determination of the dividend rate and 
redemption terms of any issue by the directors or the members 
in general meeting at the time of issue. 

The directors propose to make u private placing or 
25 million of the 10 cent preference shares at an issue price 
of R1 a share (i.e. at a premium of 90 cents a share) such 
shares being entitled to a dividend of 10.5 per cert on the 
issue price. It is also intended that the shares tn bp issued 
will be redeemed in four equal half-yearly tranches com- 
mencing on -July 1 1951. The balance of 55 million preference 
shares will remain in reserve, and there are no plans for their 
issue at the present time. 

Since December 31 1977. the date of the last financial year 
end. no capital of the Company has been issued for cash or 
otherwise, nor have any commissions, discounts, brokerages 
or other special terras in connection with the issue or sale of 
any capital of the Company been granted. No capital or the 
Company is proposed to be issued or Ls under option, or agreed 
conditionally or unconditionally lo be put under option. 

general meeting of members of Anglo American Gold Invest- 
ment Company Limited will be held at 44 Main Street. 
Johannesburg, on Friday June 23 1978 at 10.15 for the purpose 
of considering and. if deemed fit, of passing, with nr without 
modification, the following special and ordinary resolutions 
in terms of tbe Companies Acl, 1973, as amended: 

S pedal Resolution No. 1 

•'That the Articles of Association uf the Company are 
hereby amended in the manner following: 

□lent to the holders of ordinary shares and the holder 5 ! 
of other shares in lie capital of ihe Company not 
ranking prior to or pari passu with ihe preference 
shares to the repayment of an amount equal to the 
price at which the preference shares were originally 
issued together with any arrears in the preference 
dividend (whether declared or not) calculated Lo ihe 
date of commencement of the winding-up. 

i iv) Save as set out in f LI. Hi i and <iii> the preference 
shares shall not be entitled to any further participa- 
tion in the profits or assets of the Company, or on a 
winding-up, in any of the surplus assets of the 

(vi The registered holders of the preference shares shall 
not be entitled to vote, either in person or by proxy, 
at any meeting or the Company, by virtue or in respect 
of the preference shares, unless any one or more of 
the following circumstances prevail at the date of the 

iui the preference dividend or any part thereof in 
respect of tbe first period ar any subsequent 
half-yearly period remains, whether declared or 
not, in arrear and unpaid after six months from 
the due date thereof: 

(b) any redemption payment remains in arrear and 
unpaid after six months from the due date 

faj by the deletion of existing Article No. 56 bis and the 
substitution therefor of the following: 

* 56 his Subject to the provisions of Ihe Statutes, any 

preference share may with the sanction of a Special 
. Resolution be issued on the terms that it is. or at the 
option of the Company is liable to be. redeemed.' 

(b) bv the adoption of the following new Article numbered 
62 A: 

* 62 A The Company may from time to lime by Special 

Resolution convert any or iis shares, wheiher issued 
or not- into shares of another class or classes and 
attach thereto, respectively, any preferential, qualified, 
special or deferred rights, privileges or conditions"’ 
Special Resolution No. 2 

“ Subject to the passing and registration uf special 
resolution No. 1: 

That In terras of sections 75llMe) and lii uf the 
Companies Act. 1973. as amended, and Article 60 of the 
Articles of .Association of the Company, the 6 000 000 
7.5 per cent, redeemable cumulative preference shares oT 
R1 each in the capital of the Company, be hereby divided 
into 60000000 redeemable cumulative preference share* 
of 10 cents each which shall be subject to the term? and 
conditions contained in the Company's Articles of 

(c) a resolution of tbe Company is proposed which 
directly affects the rights attached tn the 
preference shares or the interests of the holders 
thereof, including a resolution for tbe winding-up 
of the Company or for the reduction of its capital. 

(vi) Subject to the provisions of paragraph rviil. the 
terras of the preference shares may not be varied, 
and no shares in the capital of the Company ranking, 
as regards rights to dividend, return of capital nr 
redemption, in priority to or pari passu with the 
preference shares shall be created, without: 

fa) the prior written consent of tbe holders or at least 
three-quarters of the preference shares; or 
(b) the. prior sanction of a resolution passed at a 
separate class meeting of the holders of tbe 
preference shares in the same manner, mulatis 
mutandis, as a special resolution, and the pro- 
visions of these presents relating to general 
meetings of ordinary' shareholders shall, mutatis 
mutandis, apply to any such class meeting, except 
that a quorum at any such class meeting shall he 
three persons holding or representing by proxy at 
least one-third of the preference shares, provided 
that if at any adjournment of any such class 
meeting a quorum is not so present then the 
provisions of these presents relating to adjourned 
general meetings of ordinary shareholders shall, 
mutatis mutandis, apply. 

fvii) Subject to the provisions of tbe Art. the Ccmparsy 
sball be obliged to redeem the preference shares *t 
par plus a premium in an amount equal tn the 
premium at which they were originally issued, at such 
time or times as may be determined by the directors 
nr by the Company in general meeting at the time 
of issue of any such preference shares. 

(viii» There shall be paid on any preference shares 
redeemed all preference dividends (including any 
w hich are in arreari accrued in respect of the sam:\ 
down to the date fixed for the redemption thereof, 
and the preference dividends thereon shall cease in 
accrue from that date unless upon surrender or the 
certificate of such preference shares payment of the 
redemption moneys shall be refused by the Company, 
(ix) The Company shall not be liable lo a preference 
shareholder fur interest on any unclaimed redemption 
moneys.' ” 

Ordinary Resolution 

“ The subject to tbe passing and registration of special 
resolutions. Nos. 1. 2 and 3 above, the directors are hereby 
authorised to allot and issue all or any portion jf the 60 000 000 
redeemable cumulative preference shares of 10 cent* each, 
at such time or times, upon such terms and conditions and to 
such person or persons, company or companies, as they may 

The reasuns for proposing the special resolutions are 
contained in the circular to members which accompanies thus 
notice of general meeting and the effects thereof are apparent 
from the texts of the resolutions. 

Special Resolution No. 8 

"That subject to the passing and registration or special 
resolution No. 2 above. Article 169 of the Articles uf 
Association of the Company be replaced by the following 

*169 The following terms shall apply to the redeemable 
cumulative preference shares of 10 cents each ithe 
“preference shares”) in the capital of the Company: 

fi) The preference shares shall confer the right tu receive 
out of the profits of the Company, which it bhall 
determine lo distribute from time to lime, n fixed 
cumulative preferential dividend (the “preference 
dividend") calculated on the 'ssue price, in priority 
to any payment of dividends to the holders of ordinary 
shares and in priority to the holders of other shares 
in the capital of the Company which shares, as to the 
right to payments of dividend, do not rank prior to or 
pari passu with the preference shares. The rate of 
the preference dividend shall be determined by the 
directors or by the Company in general meeting berore 
or at Ihe time or the allotment of any such shares. 
The preference dividend shall be calculated nnd 
payable, half-yearly in arrear. un 30th June and 31st 
December in each year in respect of the half-yearly 
periods ending on those dates. 

(ii) The first preference dividend in respect nr any new 
issue shall be calculated on a daily basis from ihe 
date of allotment of tbe preference shares until the 
next due dale for a preference dividend fboth days 
inclusive), and thereafter on a half-yearly basis. 

(iii) The preference shares shall confer the right, t-n a 
winding-up of the Company, in priority to any pay- 

Holders of share warrants lo bearer who are desirous or 
attending in person or by proxy or of voting at any general 
meeting uf the Company must comply with the regulations of 
the Company under which share warrant to bearer are iisueo. 

A member entitled to attend and vote at the meeting la 
entitled lo appoint a proxy to attend and speak and. on u poll, 
lu vote thereat in his stead. A member personally present and 
any proxy appointed lo represent a corporation may vote un a 
show of bands. A proxy need not he a member of the 
Company. Proxy forms must be lodged with the Company's 
transfer secretaries not less than 24 hours before the time 
for bolding the meeting. 

By order of the Board 

per M. J. NAYLER 
Senior Dioisional 5 err clary 

Transfer Secretaries: Registered Office: 

Consolidated Share Registrars Limited 44 Main Street 

62 Marshall Streer Johanaesburp 

Johannesburg 2001 2001 

tP.O. Box 61051 
Marshalltown 2107) 

Charter Consolidated Limited 

P.O. Box 102 

Charter House 

Park Street. Ashford 

Kent TN24 SEQ 


June 1 1978 


in million DM Liabilities and Equity Capital 

in million DM 

Ship mortgage loans 

-long-term 3,816.7 

Ship mortgage bonds and loans 

— kuis-term 1.849.9 

— medium-term 

Trust loans 

Cash and due from banks 


Other assets 

— mcdium-ierm 
Tru^l loan-* . . . 
Oilier liabilities 
Equity capital . 
Dividend 1977 . 

Total assets 2.130.4 

Total liabilities ........... 




Volume of business 

The Annual General Meeting of the Shareholder,. held on 
1st June fy7S. passed a resolution determining lhai ihe f*. 
Jauee sheet profit for ihe \ ear ended 31st December 1977 in 
the nmogr.t of DM 3,300.000 be appropriated for the di- 
stribution of a dividend of 10 c i. 

The -\nmial RefMrt for 1977 is available on request from the address below. 

International Ship Financing - Domshof 17 * 28 Bremen * Telex: 02 44870 


il hunt 


By Ray Dafter, 

Energy Correspondent 

NORTH SEA oil operators 
warned the Government yester- 
day that its latest proposed 
licensing policies could slow the 
pare of offshore exploration. 

The UK Offshore Operators' 
Association protested lo senior 
Department of Energy officials 
about many of the draft condi- 
tions for the sixth round of 

Mr. Anthony Wedgwood Benn, 
Energy Secretary, has told the 
industry that he wants the new 
licences to strengthen British 
control of offshore oil resources. 

He hopes that private com- 
panies will offer British National 
Oil Corporation a higher stake 
than the 51 per cent, laid down 
in Ihe last licence round and 
that they will also be prepared 
tn pay for at least part of' 
BNOCs exploration costs. 

During yesterday’s discussions 
the operators accepted that com- 
panies might be willing to meet 
these terms on particularly 
attractive blocks. But. they 
added, the terms would lend to 
draw funds away from the less 
attractive concessions. 


MR. EDMUND DELL. Secretary why such an important route bad. 
for Trade, bas been told by been given to an airline which, 
British Caledonian Airways that in its view, was “short of a 
the decision of the Civil Aviation broadly based management 
Authority granting rights to fly structure — a carrier unlikely to 
to Los Angeles to Laker Airways be able to support a Los Angeles 
‘is bad and requires review, service under the terms licensed. 
The authority bas erred gravely, “j feel sure that if Laker is 
and the decision must not be permitted to commence opera- 
permitted to stand." tions on their shaky proposals, w 

Mr. Adam Thomson, chairman very short order they will either 
of the airline, yesterday cease operations, or be back 
launched an attack on the pleading for relief and assis- 
authority, daiming that its deci- tanfX Mr." Thomson. 

ston to stye the Los Angeles "Caledonian believes that it 
route licence to Laker for a Sky- jj a d the better case, but fears that 
(train Operation was “Shabby anti the authority's mind, for wbat- 
I unconvincing.” and the airline ever reasob, was wade up before 
would fight the decision in the hearing. We seek to expose 
every Possible way." the decision as a grave error of 

Mr. Thomson said the airline judgment, one that requires 
was askigg: the Government wvlew an d one which ean- 

either to revise the Laker deci- no f te permitted to stand." . 
sion. or tnotder the whole case Mr. Thamstm said the airline 

t?otfAiitIiorit| by ^ 01711 A,L *' wa? appealing on eig*. tonic 

,n' h A r e u,n “tf -B£ 

• The’ 'detasioir-"'wrbn^:'-- , i|e3i> 
grated Gatwick, to th at . Jt ; pre- 
sumed that -conventional (as 
opposed to SkytraLn : type> ser- 

vices from that aiximrL-are npt 


m Laker’s -costs are hot reliable ^ : 
—Caledonian says "tbat-in. 1 the 
bearing on ; the case, JLaker: did 
not have a' timetable' e£ tfceWK 
posed operation^ did mit.Jsooar-. 
the sector , tunes, cfcpagwl \ 
the roiiteink. hot did not. kho^r: • 
when the mange 'was ruagerxc: 
by whom. 

There is sdme;^t^.^ . 

The authority's decision .was 

~ M HS» Me, a “e2TS 

• 0 uSf«Hmate of passenger 


The sixth round licences 
covering just 40 blocks wen? 

on a thinner route than New “,^ nrk and thus 

suppon u,e ■"* 

on a stopping service too. 25 Th« rniwinnim oroduct was 

« h « 11 “ i “ r sui,ed to ^ 

prepared, based! not on fact but - uie ‘ 

on guesswork and totally un- • The Laker service represented 
convincing guesswork at' that, a gamble, and that the Secretary 
whereas Caledonian’s case was of State ought not .to gamble 
based on sound economic reason- with national rights, 
ina and judgment." ' O The wider bilateral issues at 

Mr. Thomson went on to say stake required a full review by 
that tbe airline Ranted to know the Secretary of Stale. 

Laker’s ability to support- alps 
Angeles^ -licence. > . CaledonrtsL 
claims that the Laker case, bbth 
as to . traffic and : . costs, '• Tms 
been demonstrated tp be higbiy 
suspect. Tbe chaacea af -Lalter 
succeeding on tbe terms 
licensed are slignfcanw" : tfojsan 
only be a short: time ^before 
*retievin& amendment’ 5 '; ate 
sought” ‘ ; ^ 

Caledonian also made 'it- dear 
yesterday .that it believes, there.' 
la. some ^hidden reason," ; far 
the authority's attitude Jn the 

Los Angeles ease. . . . 

“ Caledonian --considers- that 
the decision here .appealed, cab' 
not reasonably'' nave- - been 
reached solely from the evidence 
before the antiiority in this. care. 

- “The. Secretary Jot -State-, 
should inquire as. to such general 
policy of the authority iri order • 
to determine J whether or Jrtit 
such is in accordance with the 
guidance (as laid .'down?' bjr -the 

too restrictive. There was serious « . ■■ I "I £* • ' 4 ' I-*-.*-* 

a susm Extra cash needed tor stocKS 

exploration could be affected by 

the Government's proposals. - — -m 

jffinsSSsS'Ss of finished goods reduced- 

remain self-sufficient in oil and . 


Association said. 

There is not total accord THE additional amount of issue of Trade and Industry 
within the offshore industry, finance required bv industry for magazine. 

however. stocks of finished goods and raw The decline in the amount 

Smaller, independent companies materials was smaller in the first required for financing the addi- 


The figures for the change jn 
physical stocks were published 
a week -ago. V'. 

have welcomed ihe Government three months of this year than tlonal value of stocks reflects 

suggestion that licence groups in anv Quarter since the late the slowdown in the rate of price “^“recnirmg; msmounve, ana 

groups m any quarter since the late 

should have the option rf clung- 1 summer of 1975. ' inflation during the past year. current onc^in the fim^thrre 

tog operating companies wheal rr ha s„ ,*„» hnfifc . Indeed, the additional amount Pr ,c *^ in 

pvnlnntfnn Mnrk rpnbrpH hv i increase in th ■? book, value ninnpv r^diiired was smaller months of this jear, compared 

s •??*«»". a"-, » 

service industries was £L82bn at 

lor them ‘°£ ■«*•»« ttaS. “even « Ih,™ wee WJtor ml ■ «M . I.MMi 

m gain experience as operators : opposite trend in the physical 1977 a * a whole - . ! 

i to gain experience as operators , fc _ an opposite trend in the physical — • — - 

for at feast part of the offshore L” * ,5 HJla/XSS ■volume of stockholding at 1970 The physical volume of invest- 


Larger companies able lo carry- 
out both exploration and develop- 
ment work have questioned the 
need for this innovation. 

There is a feeling that British 
National Oil Corporation might 
try to gain a greater foothold in 
the North Sea by assuming the 
role of operator for the develop- 
ment stage in fields found by an 
independent company. 

™Twb£* £4,55b " ^ 1977 Prices, where tiierr was a ment by tb«e 

This is disclosed in the latest £l75m respectively. 

decline of £4Siu and a rise of slightly between 


First-class mail users 
wooed by Post Office 


MP seeks 
check on * 
petrol rise 

As a compromise, offshore oil „ . 

companies have agreed to urge YHE FUST OFFICE is to offer Post Office error, and 1 per cent] ¥Jr”T| I kf I ISG 
the Government to insist on local timetables at its counters hy travel accidents or hold-ups. i 1* A *■ * 
exploration and development B ivina last posting times for • The first receiver for View- MR nny HATTERS LEY the' 
operators being designated at Q »xt-day deliveries, in a cam- data, the Post Office system p^ces Secretary was asked- 

-• ESS LAOS'S ts:;: SsL?Sa"jS 

65m. first-class tetters Sr.-fiSi JI* S V 

Asin l f ir a year, or 200.000 a day. are of GLH Marketing. in the price of petrol. 

1 1 l^H UUdlllY posted loo late lo be delivered © An improved service for uver- Mr. Stanley Cohen, Labour MP- 
“ •'on the next week-day. seas payments through National fo r Leeds South West, said: 

.r-» The Post Office claims that Giro was started by the Post “Before the suggested increase 

aP llITPCriire ^ ^ cr tcnt first-class letters Office yesterday. lis permitted, I think. the petrol 

vAMtrWt.uAV a re delivered on the next work- The new money transmission I companies ought to be required . 
« toe day. Of the remaining 7 per service, which replaces the old {to justify in practical terms the"' 

STWSIY*rl I'-ent, 2 per cent are delayed by overseas money order service, j reasons for this. 

■-vaat, -* I-' - 1 vv — % tXA «w MJ urtlOVW IllVIltJ VtUiJI 1*1 Lx ■ I 

i being posted too late, 2 per cent offers both wider availability and 

By H. A- N. Brockman, 
Architecture Correspondent 

by customer error, 2 per cent by lower charges. 

Minimal return 

THERE ARE W applications for S 1 0011^/1 pf jpetro? companies who Teferref 

this year's Financial Times k-'A.An* v^iivaaa TT VUIflll UV>L ’to tiie fact that they are receive 

Industrial Architecture Awari BY KEVIN DONE, CHEMICALS CORRESPONDENT \ only a minimal return on* 

and the nualily remains high. their investment. 

In spite of the low ebb of build- S1M-CHEM has won the main including compounds. “ My immediate reaction is-, 

ing activity, the attraction of Ihe contract for the construction of UKF, the Dutch fertiliser com - 1 that they must be crying all the 

award is firmly established. three pianis as part of UKF pany owned 75 per cent by DSM. | way lo Ihe bunk. 

Industrial works outside the J3£? ex P azision the Dutch stale chemicals group "There ought' lo be a cleat; 

normal category of factory build- i ? nt ^ . pe r ‘‘ en i ^* v Shell, has statement in terms of the profits' 

ings now occur more frequently. „ , Ji u ' C /I ! l ,een P iann '°S the expansion at at present being enjoyed by the- 

The award conditions specifically cne * „s^ in p . aTl ^ Incc since 19<5. j various petroleum companies 


[ “ I note ihe comment of aT 
| senior official of. one of' ?hfc - 
petrol companies who TeferreiF ’ 
, to the fact that they are receive 
; log only a minimal return -on. 
their investment. • 

My immediate reaction is-. 

Mi! i: 

The award conditions specifically 1 ' - , ..o\Z T™ ‘j’ 13 - u various petroleum companies 

siale an intcresl in siruclures ^ pla fh 4 ^ n ***** f,e ® n ^ e,c ^ . U P for 1 before tbe Government agrees 

which arc or practical help to ^S™°" , “ <l ni „ Several years by uncertainty over , l 0 sanction an increase.” 

• . ■ ___ ■ m iii ? ii i .I it n ■ i if f in 1 1 1 1 ra i i run i rwi it rt i *»»■«- r aaAl'va, ,l* nan ~ t r * ■ t? i . . 

as the winner of this year's nf 'more” than Vo'u.Mo'lSn^ nlS'* which* Jllf brine capactiv a P t ^he i reipon"! ^ 

BradfonT Transport s-a— JSSSSSS. g t0 Sg SSll - vg3r : supply In d demand™ 1 ^ ° f 

Bridge Street. Bradford. I 

. year nitric acid plant! bringing down "u,r price in 

*oei?n ( 


Designer: Regional Architect's 
Office. Chief Architect's Deparl- 
menJ. British Railways Board. 

Builder: Taylor Woodrow 

< Northern). Wakefield. 

Greta Bridge, Keswick Northern 
By-pass, A 66. 

Designer: Scott Wilson Kirk- 
patrick and Partners. Basing- 

Builder: Tarmac Construction. 

Brentford Reruse Transfer 
Station. Brentford. 

Designer: GLC Department of 
Architecture and Civic Design. 
County HaH. London. 

Builder: Bovis Civil Engineering. 
West bury. 

Computer Building. IBM United 
Kingdom. North Harbour. Ports- 

Designer: Amp Associates. 


Builder: Taylor Woodrow Con- 
struction. Southall. 

ROTAS Maintenance ami Support 

Centre. No. 3 Basin. 12-15 Dry 
Dock Support Buildings, H.M. 
Naval Base, Portsmouth. 
Designer: Arup Associates. 


Builder: Mears Construction. 

Southampton. George Wimpey 
and Co.. Southampton. 
Replacement Boiler Plant. 
Dlnglcion Hospital, Melrose. 
Designer: Poier Womersloy. 


Builder: Melville Dundas and 

Wbitsi.m, Etlinliurgh. 

The architect assessors for this 
year's award arc: Leonard 
Manassch RIBA and Michael 
Manser RIRA. The lay assessor 
is Sir Charles Truughion, chair- 
man of ihe British Council. 

. 45 '0 

' C ^9al 

T " L Ei 

Con^med Reservations • Choose anv - "" T l7 
flight any day • Stay between 7 and " . ' 
60 days - Book only 21 days ahead 

Call your travel ngcrit and ask about TWA’s new Super-Apex fares In r nc a t j ’ -w 1 

San Francisco. Effeclive iale july. subject to \ Vf- .A 

7177 , 

TWA rnrri.vj mn:r scb n 1 i„;. H t pn^p,,^ , 

than onrofhnr airline. -J ^ 

S 5>4- 


1 $ 

. ■ V-r 



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tnionai *!* 
in_t ypft) ^ 




not »«Hai 



Laker ^ 

fl iS d 

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Vupp&rt a i? 
?" cas* -.5 

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lae ., • 

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Qdiceau' * 

J "■'**« h tig, 


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:y . ! " the -vid^ 
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ardanee snih 
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if- - & in*- ■■ 




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WL-?S— * ' 

m_ '£>*■ 

W«- 10 . 

tfifeff C<1 

for a 

* TCN<& ISGKfiLr; fit back - In Hs so that the smoke may go up producers. Its net effect would three new pits in the Vale of enjoys over oil — presently 

nS&tftftr pjfcie;** embused Mr. it just the same. have been partially to dose the Belvoir has taken the form of around 10 per cent — is in- 

.Ahac/^fEaffipr.,- parliamentary Noone however expects B a D between imported coal— at preparation for a root and sufficiently attractive, and that the Depart* great a, tigs of this market, in around £17 a tonne— and EEC- branch attack on the entire the future capacity of the CEGB 

n^I..of Industr>’ <and 25 years part because it takes a good produced coal — at around £35 a marketing strategy of the Board, will increasingly mean a 

a miner )'\whea he announced, Ho-g of effort to get a compara- tonne. It would not have done and on the Plan for Coal itself, reduced role for coal. The bulk 

lastweek/t&ar tite "Government tSvely small rise. Where the 50 wholly: but the NCB was The local residents’ associations, of electricity stations recently 

Would invest fSOmlri a research effort could yield much Quite willing to complete the sensing that mere environ- or presently under construction 

programme to ensure that coal greater rewards — in the general process by subsidising its own mental self-interest (the basic are oil fired, or oil/gas fired, 

substantially ireplaces oil and industrial markets— there is sales abroad by as much as £8 reason for their dislike of the or nuclear powered. Only 5 

8?s .by the end of the century, £till a reluctance to switch, or a tonne, in brief, it would have 

sold its coal at a loss in order 
to get rid of iL 

It was prevented from doing 
so. On Tuesday of this week, 
the EEC Energy Ministers 
failed to agree on the measure. 

the proposed subsidy to a 
demand for greater control over 

This, public endorsement of .switch back, to coal 
.the need ; fby .' coal naturally . The key to the NCB market- 
pteas ed the National Coal ina strategy is the electricity 
Board: few industries, public or generating industry, which 
Private, ' bare , such a solid takes more than bO per cent of 
guarantee of growth 20 years the -Board’s output. A mutual 

hence. But herein lies a prob- dependence is uie natural out- largely because the non-coal 
.Jem: 20.year8'Ss a.terribly long come of this sort of relation- producers insisted on Unking 
time, even in.tiieedai industry, step, tyut at the moment, the 
where lead times for major, pro- NCiS kinds its partner, the 
jectsrare, aro.trad ttf years. Here Cmiriai Electricity Generating 
and now, the NCB sees difficui- Board, acting coolly, 
tiep in getting rid of its coal. On the surface, all is well: 

- The -problem of securing mar- the. 1 NCjs and the CEGB have 
kets is. a novel, one for the Coai be^ linked together publicly 
-Bo^d. Less.tban" a year ago, the for long enough to develop a 
ciiifef concern was to increase facibty for outward shows of 
production. In an. effort, ulti- affection. More substantially, 
mately successful,', to persuade the CEGB has said it will take 
the miaeworkers -that the pro- 3 -4m, extra tons of coal this 
ductivtiy bonus ^scheme’ was a year, 1 bringing its take to 
good idea,' -the -NCB, aided by around 75m tons— on condition 
the majority of -die ’Executive that the. price of coal does not 
of the National Union of Mine- go iip/again this year tit has 
vrotkers, announced . that only already, gone up once, by 10 per 
by greatly incre ased productivity cent!./ 

could the industry’s future be But privately, the CEGB is a 
secured and with it, that of its -jjtue rueful about its own gene- 
workers. ; But now that the rosfty and thinks it unlikely 
miners 'are giving; toe Board the that it will be repeated. Much 
extra coal, the JJoard fs. finding 0 f the extra coal taken this year 
itself embarrassingly short of ^ stockpiled: the more of 
markets. iti the better the relative price 

Steel is the- first to be blamed, of oflJoo_ks. The CEGB's prime 
The industry is taking, less than responsibility, by statute, is to 
14in tons of " coal this year, keep the price of its product 
against motie . than .17m tons down. ■ It understands and 
two years ago. It has cut back takes account of the national 
its coke order to lJ25m tons interest but that is of a lower 
over tiie next five years, less, dtder of prioriy. _ 
than half Its previous take. ' 

proposed developments) would PBr cent — excluding Drax B 
be unlikely to attract much —is coal-fired, 
sympathy, have retained the “The public electricity 
sendees of Mr. Gerald Manners, system in Britain will substan- 
Reader in Geography at Univer- tialJy increase its absolute and 
sity College, London, to argue relative depenedcnce upon oil 
that the NCB has got is forecasts and nuclear capacity between 
wrong. 1976 and 19S0 . . . the relative 

Mr. Manners, taking a variety importance of coal-fired stations 
of what he considers to be reli- will fall during the same period 

able forecasts, estimates that 

from 65 per cent to just over 
50 jer cent of total capacity.” 
Mr. -tanners goes on to argue 
that wen these figures over- 
estimate the importance of 
coal: tccause of The relative age 
and h. efficiency of much coal- 
fired plant, it will be retired 
earlier, and when in use, used 
less. titan other stations. 
Nuclear stations, he thinks, will 
take much of the base load. 

Peak demand 

UK North Sea oil. a demand ” British production tof energy) 
Mr. Tony Benn. the UK Energy —including the committed gas 
Minister, would not counte- imports from the Frigg field — 

though he had 
for the subsidy 

Matters ' wlB probably not get 
better, in the sense of return- 
ing to previous levels of sales, 
although th*? may stabilise' at 

New market 

nance— even 
fought hard 

So the NCB has “ lost ” a 
market which it estimated to be 
as large as 5m tonnes by 1981, 

in the middle 1980s could range 

The CEGB does not associate 
itself with Mr. Manners’ conclu- 
sions, though some of its officials 
know his work 3nd respect it 
t without necessarily agreeing 
with iti. It sees a strong pos- 
sibility of an increased take of 
coal (in relative, rather than 
absolute terms) up to 1990. 
when it reckons demand will 
peak at a maximum of 90m tons. 

The further problem which 
the CEGB foresees is that of 
emissions of sulphur (S02). 
Both the U.S. and West Cer- 

frora 385m to 528m tons of coal a re moving towards adop- 

equi valent (tee), with a middle ^ of «"« ™ ntTois »* 
Arn„ t emissions, which are one of the 

estimate of some 470m tee. . . _ ^ 

Assumin- that eneria- damands affeths from coal and o,l 

There 4s one. largely new. 

the present level. or even rise- market which might solve a though it is continuing to push 
margi nall y in .the- next year or ..considerable part -of the problem exports as vigorously as it can 
so. It' Is Qiyte posslbl e. how- "of surpdus coal production. That and. indeed, expects that over- 
ever. ' that 'instead . there will is. exports, which at present seas sales in the current year 
be a gradual- decline. . account for the negligible will stand between llm and 2m 

The domestic Choose coal) amount of Im Wns e year But tonne,. „u. it is unlikely .0 
market has showii a surpnsing i£ Um wuntnea of the Euro- solve 
upturn "in the last two years: peaD/Gommuntty could be per- 

fired stations. The 
reckons that the EEC 



grow at an annual rate of 2 per 

r. ffESsrs^ss: -s 


‘ controls in the near future. That 

“jjrj; 0 |"^£ P iiS r b J f ^tsnf^e wiil mean e5ther us ’ n S coal with 
M be «n ^ 4 5m tee a ver> . , |jW su , phur ^ ontent (1 

per cent or less), and in turn 

many problems: the 
marketing dilemma 

All the estimates imply a 

SK. fo-S a„d dD a m ^ srfi.-* -*2*22. 

hTthk ordeTof suad«-to buy British coal, then seems set to stretch over the 
iSImTooTk SafaoSSi^ it nn^ hevon,o> lifeline. ah„« ,„,^e n,ed r ,er^ In 
s„Ud fuel,. Solid fuel heaters A plah*, « Worth ^o ««» ,^T lne r S ' prodn^vity 

stantial challenge to the coal 
industry's plans and planners.” 

Mr. Manners’ argument 

market of only around 20m 
tons: or "scrubbing” the coal 
at a high capital cost (it is lower 
for oil). The CEGB think* its 

widely across the policy of building very tall 
ire Drdvimr relatively” popular. EEC "funds over the next three ,ne . ra,n ! i rs Proaucimiy raarketin5 and production chimneys takes care of dispers- 
fife P So^ g Fuei Adrisory Ser- years to subsidise -the sale of J onus ** e ™ has Produced too strategies: hut it is sharpness ing pollutants, hut the Nor- 

vice is energetic in its pro- power station (steam) coal was muth - t0 ° soon - when applied to the NCBs wegians disagree. They claim 

paMnda, pressing for legisla- drawn up earlier Ibis vear by This possibility will soon be prime customer, the electricity CEGB .-ulphur nnllutes their 

Son to make a thimney a com- the British aid the Germans, tested open court Resist- industry. Here, he argues both land and rivers. They may win 

pulsoiirfegt^ hr. new houses, the Community’S two 4^or real a ne'e to the NCB's plans to open that the narrow pnee edge coal the argument 

These conflicting arguments 
— and others — must in the end 
be resolved by government. At 
present, the Government 
remains “pro-coal,” in the sense 
that it still gives full backing 
to the targets in Plan for Coal 
— that is. that the NCB will pro- 
duce 135m tons a year by 1985. 
and 170m tons a year by 2000. 
Last montb. it was made 
clear that it was prepared to 
subsidise the sale of coal to the 
electricity industry in order to 
ensure it was competitive with 
oil, and to keep the level of 
take up at 70m tons, or more. 

Its reasons for doing so are 
summarised in the graph on this 
page. This shows the market 
for coal dipping down in the 
early 1970s, recovering slowly 
in the late 1970s and early 
1980s, then more sharply after 
1985. The underlying assump- 
tion is that oil will begin to 
price itself out of markets from 
the mid-1980s — though Depart- 
ment of Energy officials now 
think that might be an over- 
optimistic or (depending on 
where you stand) over-pessi- 
mistic view, and that the sharper 
growth may be delayed until 
1990. or thereabouts . 

Thus, the Government argues, 
while it may be true that there 
will be a short term, and even 
a medium-term ~ marketing 
gap” it is essential to carry the 
industry over the gap in order 
to ensure that there are 
abundant supplies in 20 years' 
time and into the next 
milleniura. The national 
interest, seen in the long-term, 
demands that market criteria — 
like those applied by the CEGB 
— must at times be overidden. 

It is a powerful case, which 
will soon receive its own form 
of public “ scrubbing " in the 
planning inquiry (or even 
planning inquiry commission) 
which will inevitably follow the 
NCB's application to develop 
the Belvoir pits. In the short- 
term. however, it seems likely 
to involve the Government in 
paying a subsidy to the largest 
domestic customer, while — if 
the EEC subsidy plan does go 
througb — the NCB itself will be 
paying a subsidy od exported 
coal into a market which the 
Government again, as a member 
of the EEC. is helping to subsi- 
dise in the first place. 

A funny way to run a coal 
industry, no dnuht. The argu- 
ment. which still has to he 
disproved, is that it is the only 
sane way. 


INC., et al., 


In Proceedings for sn Arrangement 
No. 77 B 1513 through 77 B 1B08 
Inclusive, No. 77 B 2003 and Nos. 77 
B 2005 through 77 B 20T5 Inclusive 

PLEASETAKE NOTICE that the Composite Consolidated Plan dated March 9.1978 
(the ‘Plan ') filed by United Merchants and Manufacturers, Inc. ("the Company"), 
guarantor of the 9% Guaranteed Slnkmq Fund Debentures due March 1. 1982 
issued by United Merchants Overseas Capital Corp. N.V. ("Overseas Capital"), 
pursuant to and under a Fiscal Agency Agreement dated as of March 1, 1970, is 
proposed to be modified as follows’. 

’Schedule II attached to the Plan is modified by limiting the guarantee of 
United Merchants and Manufacturers, Inc. to the payments to be provided to 
the Class V creators under the terms ot the 9% Guaranteed Sinking Fund 
Debentures as modified by the Plan. Those holders of 9% Guaranteed 
Sinking Fund Debentures who do not elect to accept payment under the 
Plan and elect to accelerate amounts due under such Debentures and Iho 
guarantee relating thereto will be deemed to be Class I Creditors ", 

The effect of such modification is to limit the liabiiily of the Company to the holdeis of 
such debentures to the obligations undertaken by the Company under the deben- 
tures as modified by the Plan, which Plan provides for payment to all such holders of 
1O0°<> ot their claims, both principal and interest payable at the times and in the 
manner provided for in the Plan and in the notice previously given under dale of Apnt 
17. 1978. 

PLEASE TAKE FURTHER NOTICE that an order has been entered by Honorable 
Roy Babitt. Bankruptcy Judge in charge of the above-captioned proceedings, that 
June IS. 1978 is the last day tor fifing a written rejection of the modification with tho 
aforesaid Bankruptcy Judge al the United Stales Courthouse. Foley Square. New 
'fork. New 'tort. 10007. and any creditor who has accepted the Plan and who (ails to 
file a written rejection of the modification by such date shall be deemed to have 
accepted the Plan as modihed. 

Dated: New Yoik. N.V. 

May 25. 1978. 

s/ Roy Babitt 

Bankruptcy Judge 


- . " Suitable for InSiistrial^or. 

; ~ V- Warebousiii^ purposes 

•• riontlnsi.’. * r • ■ 

. . Chaneeilor Laiie, 

Ardwick, Manchester 

- ' ^ distance of 

?. : - - - ~the ' Fairfield Stre junction 
Sn^ A»EA: 5,2»b SQ. ^S. or thereabouts 

•' Chartered? Surveyors, 

Ta^Mosiey Street/ Man Che ster M2 3LP 

-bSzt; ;^r : ;v':/Q01^S.W^ ... ; ;. '. 

ayp^ff^^4S^ooo sq ft 




Prestige Modern Offices 

\ 6.005 SQ.FT. 

Thomas, Deal & Partners 

lOia Park Street, Mayfair, London WlY 3RJ . 

Telephone: 01-403 1582 



i ; 

Mi 7 aD 

B^a^ye; eptd 7.'- 

- Exe^Ratr covered yard aha loaning 

” ftci 
; fixe? bating 

-y J Gpodxantwn-^ciiiticS ;- : ■ r 

*****'"' - 


7th JULY, 1«7S 


- W.9 

Vziuable Freehold Shop Proporty 
In busy trading, posrrioa 
Shop Floor area about 1.300 sq- ft. 
HastMicnt S to rags about 490 sq. ft. 

- Spacious Upper Part 
Partial Ian. coorffUoni of safe and 
form of tender from vendor's agent: 


LONDON Wl I 3HY . 01-727 4433 





•>;. ; 6.CT0 SQ. FT. •; 

Central heating, lift, car parking, 
prestige entrance . 


; ;i»MfR 1<S07 Ref. NJF 



:.ifi00 sq. ft 


■\, E.C2. 

$875 sq, ft 
- 014148 3751 . 

'FRUHOLO ot OBcei bolldHm — HO< _ ... 

i. Oflere.'inrited. 

MJc. Runt roU L2C.0M. 

‘Writ* Bo« _T4SV7- Rwnrtal ■ Times. 
. in. Csnnao Street CC*P 4BY: 
JHAYES fUXBRIDGfi ROAD). Shop- In Prime 
-Positiofi nr.. . Woolwonhs and other 
Mutttoles. Clear Retail Area 1.100 
Jt. -SiC ■ Maisonette -over.- FuHr 
-VacaiK. To W ail NW 15-ytsr Lease. 
VARR BEDFORD.’ 41 The Broadway. 
01-679 9»L 
Im.vr. LONDON — 2^0D *q. It- S'C offices 
■L';«XdJXM» pa. brace Altonnan 267 6772. 


cirr OFFIC2 SPACS VTANYSBw Succosefid 
two-man sr tact ton consultancy seeks 
about 250 w. ft. Would share recea- 
. ttoo tadlib'/cost..' One roar tenancy 
'.'-' won Id soft Arm of KCOumaots or sJmilar 
professional. Write to T-4S9S, Finan- 
cial Tmles. .10. Cannon Street. EC4P 



PABES 34, 35 AND 36 


Modern Warehonse/Factory 
8,725 SQ. FT. 

Yard/Car Park— 5.900 SQ. FT. 

Good Access to M.4.. North Grcolir 
Road & Western A *. (A. 40) 

s RR . crJ£CDi— OFRcJ 

41, The Bread way, W.5. 
01-579 9282 

BROMLEY — Warehouse 19.000 sq. ft. lei 
to National Freight Corporation £12.500 
per annum FRI 10 years 1976. Review 
1981. Freehold £125 000 Baxter Pavnc 
« teener. 20 WelbcCk 
W.l. <86 28<9. 

Street. London. 


.state adiolning Bools. John Mcnzles. 
WWalls. GKN & Teielusion Suoertj 
new Factory'Warehouse from 5.500 to 
44.000 sq. f«. Comoclrtire rentals A 
immediate occupation. Caranagh william 
A Brown. 92 Friar Lane. Nottingham 

CITY FRINGE — L/Ind. 1.140 so. H. to let 
Or freehold. Brute Altcrman 267 6772. 

HOLLOWAY — Ground floor 5.009/10.000 
sq. tt. rind, to let. Bruce Alterman 

_ 267 677 2. 

E.C.1 4.000 M. ft. f.'litd. 

Brute Alterman 267 6772, 

£1 PA.f. 




Unbroken Freehold. 
Block of 50 Flats with 
considerable potential. 

Contact David Reynolds 
39 Crawford Street W.L 
01-935 S341 




3 of B 

5 miles Aylesbury. 

Rent roll £7,500 per annum. 

S & 7, Market Street, Aylesbury 

TeL 8SW 


Big crane 
in action 

WORK ON what is believed to be 
the world’s largest portable crane 
has begun at McDermotts' off- 
shore jacket fabrication yard at 
Ardesier. near Inverness. 

a McDermott concept. 

detailed design was by Sehmidt- 
Tyclwen io Germany, and the 
crane was fabricated in Europe. 
Erection is being carried out by 
Rigging International Europe, of 

No overall figure for the cost 
of the crane has been disclosed 
except that it is " in the region 
of several millions.” 

The crane, a twin-boom luffing 
derrick, will be able to lift 1,800 
tonnes at a radius or 50 metres, 
and 1,000 tonnes at 90 metres, to 
a maximum height of 70 metres. 
The frame is 70 by 40 metres. 

When the crane has to be 
moved, built-in jacks at the 
comers of the frame enable it to 
be lined on to four rubber-tyred 
transporters, which are lowed by 
crawler tractors. The crane 
should be in operation next 


Edinburgh, specialists in ship 
motion control, have secured 
order.- in the first four months of 
this tear for seven sets oT ship 
stabiliser equipment worth over 
£2.5ni. Five sets hate non- 
reiniciable fins. Three have be 
ordered by a foreign government, 
one is for Yarrow [Shipbuilders! 
Tor the latest MOD t Naval t Type 
22 De-iroycr and the fifth set is a 
promt: pc. designed In suit the 
U.S. Naiy’s FFG 7 Frigates. The 
other two sets of stabilisers are 
of thr Deony-Brown-AEG folding 
fin de'ign. to be fitted to two roll 
on. Toll off ferries. 

S.W.S SHOPS, industrial, commercial and 
residential premises lor investment.’ 
ret irrbi so merit Irccnold. Bruce Alterman 
267 6772. 

Bourn? mouth, is to erect 1S.1 
dwellings at Canford Heath, for 
Poole Borough Council. The work, 
valued at £l.Sm. will take 27 
month' to complete, and includes 
roads and sewers. 


Shell v.K. has placed an order 
with PRIESTMAN tan Arrow 
company) for two Sc ;< lion 
pcdefral cranes. The cranes have 
a maximum boom length of l&n h 
and a maximum ioad limif of 100 
tons. They are for the new pro 
dnrtion. Platform in the Fulmar 
Field. North Sea. It is understood 
that, including spares and installa- 
tion n’!»U, the total value of the 
order is in the region of fim. 


FETRR.VNTf has received a 
£jOO.Ouu order from Conoco Nurlft 
Sea inc. to supply and install a 
computer-based supervisory moni- 
toring and control system for the 

Murchison Field in the North Sea. 
Conoco act as opera tor for a 
group consisting of ilself, GulT 
Oil Corporation and BNOC 


contract worth about £723.01)0 to 
build the first two detached 
advance _ Tactory units for the 

Milton Keynes Development Cor- 
poration. Sites 3re ;:s and ;:. r i 
Burner-. Lane. Kiln Farm, and a 
key feature is ability to expand 
both lhc office and production 
areas ifrom 21,692 to 52.022 sq ft 
and from J5A65 to 56,813 sq ft). 


CAPITAL, FULLY-PAID; L. 20,000.000,000 
RESERVES AND OTHER FUNDS: L. 63.982,736.9^10 

00198 ROMA VIA PO 28 

The General Meeting of Shareholders, convened in Ordinary Session on last 27 
April under the presidency of Cav. Lav. On. Prof. Antigono Donati. approved the 
balance sheet as at 31.12.1977, showing a net profit of L. 2.500 million and resolved 
to assign to Shareholders 6% dividend, in payment as from 2 May 1973. 

The chairman further informed the Shareholders that the increase of capital to 
L. as approved by the General Meeting of Shareholders convened 
In extraordinary session on November 30th, 1977. has been fully covered during 
April 1978, 

Progress of balance sheet main items 


(million lire) 

Curmnt funds 
Domestic loans 
ExpDrI -crod't financing 
Foreign loans 

Furniture and equipment 
Other assets 

‘Entirely depreciated 




























. 54.303 





’ll 578 1 

- (2.105» 




5 473 





1.44 3 














, Reserves 
Special contingency fund 

Various appropriations and unpaid profit 
Certificates of deposit 
Other deposits 
Other liabilities 
Net profit 


























531 .856 






239.?1 2 


























1,253.31 2 



Engagements for loans 

444.3EQ 548.335 7S2.506 *£3.096 509.053 

The Organs of the Bank result composed as follows: 

Board of Directors 

Chairman Antigono Donati; Vice-Chairman Alberto De Vincolis and Ettore Lolli; 
Members Luigi Ciocca. Ciro De Martino. Alberto Ferrari. Fabrteio Gianni. Florio Gradi. 
Franco Mattel, Luigi Mennim. Flavio Orlandi. Carlo Pesenti. Luigi Piccolo. Emilio 
Ranalli, Carlo Tomazzoli, Mario Torchio, Lino Venini, Domenico Viggiani and Sergio 

Board of Auditors 

Chairman Pasquale Minuto; Standing Auditors Fabio Mannucci, Mario Politi, Carlo 
Robotti, Carlo Vigo: Alternate Auditors. Cesare Cesaretti and Oscar Parront, 
Management: General Manager Paolo Ciancimino, 

Vice General Manager: Aurelio Lai. 

&&&&&&& - '' : y 7‘ ' 

■ f y-V ■■ 






Anglo American Corporation 
of South Africa Limited 



An announcement was published in the press on March 31 
I97S advising members of a forthcoming private placing by 
the Corporation with certain South African financial institu- 
tions of R4Q million 10.5 per cent redeemable cumulative 
preference shares. The issue is expected to be effected on 
July 1 1978 and the proceeds will be used to finance ongoing 
commitments of tbe Corporation. The new preference shares 
will have an average Kfe of approximately eight years and 
will carry no conversion rights nor is it proposed to obtain 
stock exchange listings for them. 

In order to place the Corporation in a position to issue 
redeemable cumulative preference shares on the announced 
date of Juiv I 197S, for the capital amount and at the dividend 
rate referred to above, it is necessary to hold a general 
meeting of members at which holders of ordinary snares and 
the six per cent preferred stock will be entitled to vote to 
approve special resolutions to change the Corporation's prefer- 
ence share capital structure as well as to amend the Articles 
or Association insofar as they contain conditions relating to 
preference shares. The meeting will also be asked to pass 
an ordinary resolution empowering the directors to issue the 
preference shares. 

The Corporation presently has an authorised share capital 
of R30 000 000 divided into 240 000 000 ordinary shares of 
10 cents each. R4 758 750 of six per cent cumulative preferred 
slock and 1241250 cumulative preference shares of R1 each 
with a fixed 6 per cent dividend rate. In order to avoid the 
expense of creating additional preference shares tt Is proposed 
to convert aDd sub-divide the existing R1 preference shares 
into 49.65 million redeemable cumulative preference shares 
of 2.5 cents each. No fixed dividend rate and no redemption 
terms wiU be specified In the Articles of Association but lhe 
directors will be empowered to fix the rate and redemption 
terms at the time of issue. 

The amendments which it is proposed to make to the 
Articles of Association will enable the Corporation to make 
the necessary changes to the preference share capital s»rui*- 
lure and will re-designate the existing unissued 12412.-.0 
cumulative preference shares as 49.65 million redeemable 
cumulative preference shares of 2.5 cents each and provide 
for the determination of the dividend rate and redemption 
terms of any issue by the directors or the members in general 
meeting at the time of issue. 

The directors propose to make a private placing nf 
40 million of the 2.5 cent preference shares at an issue price 
of Rl a share (Lc. at a premium of 97.5 cents a share) such 
shares being entitled to a dividend of 10.5 per cent on the 
issue price. It is also intended that the shares to be issued 
will be redeemed in four equal half-yearly tranches com- 
mencing on July 1 1985. The balance of 9.65 million prefer- 
ence shares will remain in reserve and there are no plans 
for their issue at the present time. 

Since March 31 1973, the date of the last financial /par- 
end, no capital of the Corporation has been issued for cash 
or otherwise, nor have any commissions, discounts, brokerages 
or other special terms in connection with the issue or sale 
of any capital of the Corporation been granted. No capiial 
of the Corporation is proposed to be issued or is under option, 
or agreed conditionally or unconditionally to he put under 
option otherwise than for the purposes of the Cnrpnra lion's 
siaff option and incentive schemes, for which purposes a total 
of 851 300 ordinary shares is held in reserve. Those schemes 
were approved by shareholders on June 13 1969 and May 24 
1974 respectively. 

general meeting of members including holders of the six p»r 
cent preferred "stock of Anglo American Corporation of South 
Africa Limited will be held at 44 Main Street, Johannesburg, 
on Friday June 23 197S at 10.45 hours for tbe purpose of con- 
sidering and, if deemed fit. of passing, with or without modi- 
fication. the following special and ordinary resolutions in 
terms of the Companies AcL 1973, as amended: 

Special Resolution No. 1 

“That the Articles of Association of the Corporation are 
hereby amended io the manner following: 
la» by the deletion of existing article No. 5 and the substitu- 
tion therefor of the following: 

*5. Subject to the provisions of the Statutes, any prefer- 
ence share may with the sanction of a Special Resolu- 
tion be issued on tbe terms that it is. or at tbe option 
of the Company is Liable to be, redeemed.’ 

(bj by the addition to article No. 57 of the following new 
sub-article 57ic): 

* (cj to convert any of its shares, whether issued or not. 
into shares of another class or classes, and attach 
'thereto, respectively, any preferential, qualified, 
special or deferred rights, privileges or conditions'." 

Special Resolution No. 2 

“ Subject to the passing and registration of soeciai reso- 
lution No. 1: 

That in terms of sections 75(l)(e} and 75(l)/i) of :he 
Companies Act. 1973. as amended, and articles 57(a) <ii) 
and 57(c» of the Articles of Association or the- Corpora- 
tion, the 1241250 6 per cent preference shares of Rl 
each in the capital of the Corporation be hereby con- 
verted and sub-divided into 49 650 000 redeemable cumula- 
tive preference shares of 2.5 cents each which shall he 
subject to tbe terms and conditions contained in ihc 
Corporation's Articles of Association.” 

Special Resolution No. 3 

“That subject to the passing and registration of special 
resolution No. 2 above, article 3 his. of the Articles of Associ- 
ation of the Corporation be replaced by the following article: 
‘.‘ibj.s At Ihc time of the adoption of this article tbe 
authorised capital of the Company was R30 00QQ0O 
i Thirty Million Rand) divided into: 

(.ai 240000 000 ttwo hundred and forty million) ordinary 
shares of 10 (ten) cents each, and 

(b) 49 650 000 (forty nine million six hundred and BPy 
thousand) redeemable cumulative preference shares 
of 2.5 (two point five) cents each, and 
(O R4 758 750 (four million seven hundred and fifty-eight 
thousand seven hundred and fifty Rand) of preferred 

(A) The following terras shall apply to the redeemable cumu- 
lative preference shares of 2.5 cents each (the “prefer- 
ence shares") in the capital of Lhe Company: 

(i) The preference shares shall confer the right to receive 
out uf the profits of the Company, which it shall deter- 
mine io distribute from time to time, a fixed cumulative 
preferential dividend (the “preference dividend ”) 
calculated on the issue price; 

(.aa) in priority to any payment of dividends to the 
holders of ordinary shares and in priority to the 
holders of other shares in the capital of the 
Company, which shares, as to the right to pay- 
ments or dividends, do not rank prior to or 
pari passu with ihc preference shares. 

(bb) pari passu with the preferred stock referred fo 

under (Bl below. 

The rale of the preference dividend shall be deter- 
mined by the directors or by the Company in general 
meeting before or at the time of the allotment of any 
such shares. 

The preference dividend shall be calculated and pay- 
able half-yearly in arrear on 30th June and 31st Decem- 
ber In each year in respect of the .half-yearly periods 
ending on thuse dates. 

(ii > The first preference dividend in respect of any -.ew 
issue shall be calculated on a daily basis from the date 
of aUoiment of the preference shares until the next 
due dale for a preference dividend (both days inclusive), 
and thereafter on a half-yearly basis. 

(iii) The preference shares shall confer the nght. on a 
winding-up of the Company, in priority to any pay- 
ment to the holders of ordinary shares and the holders 
of other shares in the capital of the Company not rank- 
ing prior ro or pari passu with the preference shares 
but pari passu with the preferred stock referred to 
under (B) below to the repayment of an amount equal 
to the price at which tbe preference shares were 
orieinally issued, together with any arrears in the 
preference dividend . (whether declared or not) calcu- 
lated to the date of commencement of the winding-un. 
(jv) Save as set out in (i>. f fi > and (Hi) the preference 
shares shall nor be entitled to any further participation 
in the profits nr assets of the Company, or on a winding- 
up. in any of the surplus assets of the Conmany. 

tv) The registered holders of the preference shares shall 
not be entitled tn vote, either In person or hy proxy, 
at any meeting of the Companv. h.v virtue or in respect 
of the preference shares, unless any one or more of 
the following circumstances prevail at the date of the 

(a) the oreFerence dividend or any part thereof In 
respect of tbe first period or any suhsemient half- 
yearly period remains, whether declared or nc-t. 
in arrear and unpaid after 6 mouths from the due 
date thereof: 

(b) any redpmntinn payment remain* in arrear and 
unpaid after 6 months from the due date thereof: 

(c) a resolution of the Companv is proposed which 
directly affe^Ls the rishts attached tn the preference 
shares or the interests of lhe holders thereof. 
Including a resolution for the vindinc-un of the 

Company or for the reduction of Us capital. 

tvi) Snhiect to the provisions of paragraph (viii. the terms 
of the nreference share' niav not varied and no 
share* in the canihti of the Comnnnv ranking, as 
regards riehts tn dividend, return of ran^il or redemp- 
tion. in priority to or pari nassu with the preference 
shares shall be created, without: 

(a) orior written ennsent of the holder* of at loast 
three-quarters of the preference shares: or 

(h) the prior sanction of a resolution passed at a 
sorrara*® <•».*«* routine of th#» hoWere of the prefer- 
ence shares in the same manner, mutatis mutandis, 
as a Snecial Resolution, and the previsions o T thes» 
presents relafine to general nicotines of ordinary 
shareholders shall, mutatis mutandis. annTv to ?nv 
surh class me»*tin®. exrent tMt a ounnrm at j»nv 
such class meeting shall h*> three persons holding 
or renresentin® by pror® at lequt one-third of ihe 
preference shares, provided th-jf if at arv adjourn- 
ment of anv such class To««rin7 a enonim «* -»r»t 
so present then th® provisions nf .These presents 
relating tn adinnreed central meetings nf ordinary 
shareholders shall, mutatis mutandis, applv. 
f vii » ‘SuMerf to the provisions of the Act. the Cnrrmanv *hall 
he obliged tn redopm the preference shares at par phis 
a premium in an amount equal to lhe nremium at 
which they were nrigfnalFy issued, at such time nr 'mms. 
as mav be determined by the directors nr hv the Com- 
pany in general meeting at the time nf issue nf any 
such preference shares. 

(viii) There shall be paid on any preference .shares redeemed 
all preference dividends (including any which are «r» 
arrear) accrued in respect of the same, down to »he 
date fixed for the redemotinn thereof, and the nrefep 
ence dividends thereon shall cease to accrue from (hat 
date unless unon surrender of the certificate of such 
preference shares pavnmnt of the redemption moneys 
shall be refused by the Company. 

(ix) The Conmany shall not he liable to a preference share- 
holder for interest on any unclaimed redemption 

(B» The said preferred stock confers on the holders thereof 
the following rights and privileges but no further right 
to participate in (he profits or assets of the Company, 

(i) The rieht to a fixed cumulative preferential dividend 
at the rate of /six per centum) ner annum which 
shall he calculated half-yearly up to the 31st December 
and 30th June in each year, and will he payable »r 
nearly as may be early in February and August in each 

(ii) The right. in the event of the wimfinjMjp of the 
C.nmnanv. to be paid in priority to the holders of other 
shares but oari passu with the preference shares 
referred to under (A) above the arrears (if any) of tbe 
preferential dividend aforesaid to the commencement 
of the winding-up, and to a return of the capital paid 
up on such shares before any return of capital is made 
on the ordinary shares. 

(iii) The right to vote at general meetings of the company 
unon any proposition for the sale of the Company's 
undertaking, or for altering the regulations nf the 
Company so as directly to interfere with tbe rishts « d 
privileges of the holders thereof, and the right to 
notice of and to attend at general meetings of the 

(iv) The sard preferred stock shall only be transferable :n 
amounts of Rl (one Rand) and multiples of that 
amount.’ ” 

Ordinary Resolution 

“That subject to the passing and registration of special 
resolutions Nos. 1. 2 and 3 above, the directors are hereby 
authorised to allot and issue all or any portion of the 49.65 
million redeemable cumulative preference shares of 2.5 cents 
each, at such time or times, upon such terms and conditions 
and to such person or persons, company or companies as they 
may determine.” 

The reasons for proposing the special resolutions are 
contained in the circular to members which accompanies this 
notice of general meeting and the effects thereof are apparent 
from the texts of the resolutions. 

Holders of share warrants to bearer who are desirous of 
attending in person or by proxy or of voting at any general 
meeting of tbe Corporation must comply with the regulations 
of the Corporation under which share warrants to bearer are 

A member entitled to attend and vote at the meeting is 
entitled to appoint a proxy to attend, speak and vote in his 
stead. A proxy need not" be a member of the Corporation. 
Proxy forms must be lodged with the Corporation's transfer 
secretaries not less than 48 hours before the time for holding 
the meeting. 

Every person present and entitled to vote at the general 
meeting shall on a show of hands have one vote only, but in 
the event of a prill every ordinary share shall have one vote 
and every Rl amount of six per cent preferred stock shall 
have ten votes. 

By order of the board 
J. T. Goldfinch 
Managing Secretary. 

Transfer Secretaries 

Consolidated Share Registrars Limited 

62 Marshall Street 

Johannesburg 2001 

tPO Box 61051 

Marshalltown 2107) 

Charter Consolidated Limited 
PO Box 102 
Charter House 
Park Street, Ashford 
Kent TN24 SEQ 
June 1 1978 

Registered offia 
44 Main Street 



VVe shine in a 

i power cut! ; 

-•>: } ■''' .* ' / ' 

V generators fr am ■ 


v t'irp'-. worldwide 

-rrA\ft/esQIM— KEITH. 

generators or pov/ek 

THE ABILITY of a skid steer 
loader to turn >□ its own length 
meant that while drainage 
trenches were being laid and 
filled with shale on a section of 
tbe M4 motorway, work was able 
to progress without tne closure 
of any motorway lane. 

The skid steer loader was one 
of a range of three models in the 
Beaver range from Rearden 
Plant (member of the Fairclough 
Group) who is sole conces- 
sionaire for the UK, Middle East 
and Scandinavia for the Italian 
manufacturer. Macmoter S.PA. 

Available in three power rat- 
ings. 28, 40 and 60 hp, the 
models are called R25. R40 and 
R60. and apart from construction 

work, should have many applica- 
tions in industrial and agricul- 
tural areas.. 

Each model in the range is 
specifically designed and made 
as a separate unit with a bucket 
tailored to' individual models and 
a whole series of attachments in- 
cluding a post-hole auger pallet 
forks, grapple forks, and a back- 
hoe with side-shift facility. AH 
lhe attachments can be changed 
in about a minute without the 
driver having to leave his cab. 

Apart from its capability of 
pivoting 36Q degrees within its 
ewp length; a principal feature 
of the loader is its application in 
confined spaces, a great advan- 
tage, says the company, for use 

■ * : -Wv. 

in poultry houses, Market gar I 
dens and narrow-aisled, ware-1 
houses.' Tbe models are in cur- 
rent use for digging out ana 
carrying loose material and 
rubble, trench digging, post-hole 
boring, topping out £il3ge and 

handling palleted loads or bricks 

weighing a tonne. . 

The company is offering a free, 
two-day course • on .product 
familiarisation and basic mam- 
tenonce as well as a fre^tbj*^ 
day fitters* course for purchasers 
who wish to carry out their own 
repair and maintenance pro- 
grammes. _ • 

Further from them ai Beaver 
Marketing Division, Lord Street, 
Chorley. Lancs. 02572 3651. 

*■:• ssasK 


Prints on 

ONE DRAWBACK, of conven- 
tional foil printing, techniques . 
using heated head units, says 
Markem Systems, is its unsuita-- 
biUty for overprinting .board 
cartons due to ensuing diffi- 
culties in mounting a- hot! foil ' 
overprinter in-line. * ■---.■-if , - 

Now. the -company has 'xotafr. 
duced an air-operated over- 
printing machine which prints - 
“cold.^ Using hardened' start 
type and carrier-eupp orted ink, 
these impact printers operate at 
rates of up- to 150 Impressions 
per minute with no loss of 
quality at higher speeds. ~i 

Tbe maker says its Model 261 
is the first cold foil whiter' to 
be available -io the UK. It .will- 
print up to three lines of tit 
formation. Including date . or 
code,, size and ^ batch 
number and, mounted in-tine on 
the filling or packaging machine, 
it applies information to tbe flap 
of the carton prior. to sealing;:. 

The printing head measures 
3 in by i in and tbe overprinter 
can be synchronised to Sting 
tines on a wide variety of- nar* 
toned goods including pharma* 
cent] cals, foods. _ hardware, 
trical goods and stationery. 

Further from the- company' at 
Ladyweii Trading Estate. Eceles 
New Road. Salford. .061 7S9.S13L 


Kills off 

A *1 f 


A special seat adjacent to a separate set of controls enables the operator or this machine to 
have full vision when operating Liu* hydraulically actuated back-hoc attachment. 

Lifting and stacking 

A NEW generation of fork lift 
“ reach ” trucks—designed for 
warehouses and supermarkets 
and with new “order picking” 
capabilities — has been produced 
by BT Lifters, of Sweden, and 
is now available from its wholly 
owned British subsidiary, Rola- 
truc of Slough. 

A feature of the machines is 
the safety elements involved 
which pre-empt future legislation 
under the FETvI and Health and 
Safety at Work reflations. 

The machines', which can pick- 
up and move any form of pal- 
letised goods, anticipate— the 
maker claims — standards that 

are expected to be introduced 
internationally over the next two 
years in the fields of safety, envi- 
ronmental improvement; labour 
relations and product! vtly. 

Among the new BT trucks is 
the NT 1000 narrow aisle truck 
which can operate in a ware- 
house aisle of only 1.5 metres, 
stacking and removing pallets on 
platforms up to 6 metres high. 

Mr. Roland Green, chairman of 
Rolatruc. said during a demon- 
stration in Sweden last week. -of 
lhe machines, that BT fork lift 
trucks had become much more 
competitive, .in , the.. British 
market as a result uf the Sweetish 
kroner revaluation. “BefQre.that 


Solves false W 

v thin al 

q hrm breaks d 

<4141 III into 20.C 


problems "IKS. 

* in use ii 

THE INCREASE of false alarms aQd po ii C 
from automatic fire alarm ar)£ | f or 
systems has caused costly head- this is th 
aches to local fire brigades and. incorpon 
as the number of insiallations product, 
has grown due to recent legis- More a 
lation, it would seem that the 
problem will escalate. 

One of the major causes of nj 
false alarms is due to the fire 
sensor, or sensor wiring, becom- 
ing short circuited. Most systems # 
will detect an open circuit 
sensor and thus produce a fault 
signal, but the majority of exist- 
ing systems rely on a contact THE the! 
closure in the fire sensor to pro- in the Ul 
ducc a fire signal aod, therefore, ing the 
any fault which produces • a device j 
“ short" will result in a false mention 
alarm. police — a 

Photain Controls of Arundel; offcr ^ ’ 
Sussex, believes it has solved the nemn S 
problem with its system called Called 
Fi rezone which measures the isolates : 
resistance of the fire sensor cir- cuils o 
cu it at all times so (hat any short riding tb 
or open circuit results in a fault consists i 
signal only. Designed to produce multi -con 
a resistance between 50 ohms socket o> 
and IK ohms in the fire condi- which is 
lion, it will oniv oni! a genuine which taf 
fire signal lu activate the alarm, printed 

More from the company at edge con 
Unit 18, Hangar No. 3. The Aero- wiih 
drome. Ford. Arundel, Sussex jrnltion 
BN 18 QBE. witiiour 1 

we - were at the expensive end 
of the market.” 

BT — (Bygg och Transports- 
konomi) — is Sweden's largest 
manufacturer of fork lift trucks 
and, in turn, it is a member of 
the large Swedish co-operative 
society, the KF group, which 
operates over 2.500 supermarkets 
and stores and more than 70 
manufacturing companies. 

BT itself employs 2.700 
people, mainly in two factories 
in Mjolhy, has a £70m annual 
turnover and operates with sub- 
sidiaries in 10 countries with 
Rolatruc its .largest overseas 
auhsidiajy. - ... 

... james McDonald 


A POISON which, is said to offer 
100 per cent, effective control 
against all rats and mice, include 
ing the “super” strains, is 
available from Sores (Loudon). 

Because of tbe rodents' 
apparent immunity to most con- 
ventional poisons, -extensive 
trials have been carried- out; in 
conjunction with the Ministry of 
Agriculture. Fisheries and Food 
and the company says total con- 
trol was achieved by giving each 
rat only five grammes of bait 
containing tbe product Brodi- 
facoum at 20 parts per million. 

At the moment the product 
will be available for sale to loeal 
authorities, pest control firms 
and to owners of industrial and 
commercial premises for indoor- 
use only. After further tests, 
it Is hoped that clearance will 
be granted 'for outdoor use and 
subsequently for use by the 
general public. 

More on 01-002^686.^ ' ' 

Expanded Metal, the can is 
called the Valor Expiosafe and 
is packed with a honeycomb of 
thin aluminium foil .which 
breaks down a gallon uf petrol 
into 20,000 cells— each able to 
disperse beat so rapidly as to 
prevent build up. 

Although the foil is presently 
in use in the tanks of military 
and police vehicles, leisure boats, 
and for industrial applications, 
this is the first time it has been 
incorporated in. u consumer 

More on 0384 66463. 

Stops car 

Safe petrol 

ON THE same day that the 
British Safely Council deplored 
a million people who currently 
store petrol in old oil tins and 
plastic containers in garden 
sheds, garages, etc.. Valor 
Parlridao launched what the 
company claims is the world’s 
safest petrol can. 

Developed in concert with 

THE theft of a car every minute 
in the UK is increasingly occupy- 
ing the miads of security 
device manufacturers — not to 
mention car owners and the 
police— -and the latest unit to be 
offered is from Flexton Engi- 
neering of Southampton. 

Called Securetay. lhe device 
isolates all the low tension cir- 
cuits of the engine, over 
riding the ignition circuit. It 
consists of a small box with a 
multi-enntacr edge connecting 
socket on the front panel into 
which is inserted a key card 
which takes the form of a small 
printed board with “finger" 
edge contacts. 

With the key inserted the 
ignition works ’ normally, but 
without it the engine cannot be 
started, the company claims, by 
any method whatsoever, even by 
using jump leads or skeleton 

Two cards are issued wilh 
each unit; the code is known 
only by the manufacturer who 
will supply spare or replacement 
cards only on production of the 
number of both Sccurelay and 

The company stales that any 
competent D1Y motorist can 
install tin* system using .straight- 
forward connections into exist- 
ing wiring In the engine 

Mure cm 0703 36933. 


Identifies prospects 

MAKING use of basic company 
data arising from its commercial 
credit reporting business. Dun 
and Bradstreot has developed a 
computerised databank called 
Market Facts File which can 
provide immediately up to 20 
different facts on over 200.000 
enterprises in 183 different types 
of business. 

Data for each company in- 
cludes its address, line of busi- 
ness. estimated turnover, forma- 
tion date, name of parent chief 
executive and number of em- 
ployees. The information Is 
updated every two months and is 
available io various forms in- 

cluding tabular listings, mailing 
labels, sales record cards, mag- 
netic tape and microfiche: 

Users cun select companies on 
a geographical basis, and in 
many rases on the basis nf a 
postal code — useful in direct 
mall campaigns because the 
mailing can then lie organised 
to qualify fur a postal rebate. 

Lists can be compiled in other 
ways : for example, all tin* 
makers of a particular product 
maker* nf .i particular product 
a particular area: nr sales terri- 
tories can be established accord- 
ing tn sales potential. More on 
01-247 4377. 

MEGA Electronics has a mains- 
powered. low-cost drill designed 
to effect smear-free holes in 
copper clad printed circuit 

Known as the Varf malic, it 
io dudes a precision drill stand 
accommodating boards up to 10 
X 9in, 42W drill motor, drill bits 
and ac mains powered control 
unit, the latter providing con- 
tinuously variable speed control 
up to 15.000 rpm. 

Thus, the drill is fully control- 
lable to achieve optimum cutting 
speeds using a range of drill 
sires, its two precision-made 


Pipe cutting 
by laser 

A MACHINE has been developed 
which, using a 4 00 watt Ferranti 
MF40Q CO. laser, will automatic- 
ally cut thin waii metal tubing 
in precise lengths without the 
need -for the tube to rotate. 

Jointly developed bv the Laser 
Application Group of Culhain 
Laboratory. United Kingdom 
Atomic Energy Authority Re- 
search Group. Abingdon, and 
A.I. Welders of Inverness, the 
machine is said to be able to 
cut most metals and hecause no 
mechanical cutting forces are 
applied to the workpiece, fragile 
tubing can be accurately cut bv 
this process. The smaiWf 
diameter- tubing cut by this 
method is 10mm. 

Cutting time is dependent on 
tube diameter and wall thick- 
ness — a typical time for 38mm 
diameter by 1.5;nra wall steel 
tirho is three seconds. The laser 
beam is fully enclosed at all 
times and interlock guards pre- 
vent unauthorised access to it. 

More on 0382 89311. 


High duty 

Midlands Research Station of the 
British Gas Corporation, Well, 
man Selas of Manchester fa sub- 
sidiary of the Wellman 
Engineering Corporation. Lon- 
don) has introduced the type 
391 burner to meet demand from 

collets, which are designed for 
low inertia and exact drill cent- 
ing, accept standard Jin or 3/32in 
HSS or solid carbide turbo drill 

Extremely low out-of-balance 
farces and an accurately defined 
drill rotation centre ensure 
vibration-free drilling and. con- 
sequently, smear-free holes. 
These factors combined with the 
use of the heavy stand and pre- 
cision collets ensure long drill 
life, important in applications 
using brittle drills such as solid 
carbide types, which are sus-. 
ceptible to vihration and drilling 
inaccuracies. More on 079S 2191& 

industry for high efficiency /high 
performance combustion equip- 
ment. ■ • 

It is made to operate on tbe 
seif-proportioning - principle 
which ensures accurate metering 
of air and gas volumes to the 
burner nozzle. This,' together 
with the thorough mixing prior 
to lhe point of ignition is said 
to promote high intensity com- 
bustion within the burner tunnel 
and a resultant high dischar ge 

The company says that the 
noise level is below that o£ any 
comparable burner without detri- 
ment to the overall performance. 

Further oo 021 558 3151, 


Grinding is 

A SMALL MILL is just on the 
market from Glen Crest on., who 
says its product is suitable for 

instantaneous grinding of any- 
thing fibrous, spongy, elastic,, 
fatty, oily, rubbery, gluey ~ or 
“ e sensitive, including me at' 
fish, fresh fruit and vegetable, 
foodstuffs, tobacco, nylon, rubber,'-. 

Since grinding is so rapid, says 

the company, the standard Ultra 
Centrifugal Mill, is capable of 
handling many heat-sensitive 

substances without dossing or 

It can be used for ‘batch ■ 
grinding in volumes as small a* 
“'r^raromes up to a maximum of 
l.uoo ml per batch and. for eon-' 
u minus grinding, a cyclone is." 
available. The grinding median' 
•sm consists of stainless steel 
an . s ,? ys the manufacturer, 
specially designed to facilitate 
cleaning and recovery of ground 

More on 01-200 1666. 

electrical wire &cable? 


CHO Mlttimu 


w resawar maae raas 
Thousands of types end sizes in stock for immediate delivery . 

LONDON 01-561 &118 ABBRD££N(Q224)32355/2 

MANCHESTER O -1 - 372 -ar*i q 

TRANSFER £*.Al ( r-uAtv^oscsi 

Tj’> \ '■ 

V V \ 




a ho t t-jfl 


W«t*d ^ 
* operate » 

^> 5 « 
•** Model Si 
,l ! ..fitter u 

r- !> 

l-nes of 3. 

•nS^ 81 

•-a • ..“* 
l * d in-line „ 

ion to *hp £ 
r '0 iealm7 
cad measure 
“ e <-vfrprinh 
st< 7 10 fiUiu 

tersely of t „ 
id in.- phanji 
lardware. eit* 
tauor.ery. “ 
ne cnraoanj a 
Estate. Ectle 
i. 0«1 TeSfSUl 

1 is ?d;i 1 v. ti; 
jffet'.r f coca 
md rr. cr-. :p;iv 

;r" y:ra'i^. « 
*ore>: lU-seai 
. the rode* 
lily Vj me* 1 , k: 
Sons. viieli.: 
0 carried out ; 
h the M'.r.irL-/ 
Sht>r.< - u’i Ff- 
3;. >av: r. 

ed hy c. ■• jr:: * z 
vf T 

■ prvi-'.t Bill 

art.-. r---r 
iefl!. 5 7-,’ :r" 

le for -e >- 
ast o. :••'■•'■ 
of ^’i/vr s. _■ 
rr: !'■■■ •' r 
iter r.;r ’f 

iat IT tea * 

e iv.ivir.r-: 
for !M0 ?■ i- 

«Q2 ftiSS. 

»'stp dw*-«V. 

nd t vL.- 
andariJ !'• ' ~ 

. ' ' 

0 C*’- r; 

ms-- • :: r 


Rj *LV£: 

31 “* <— ' 

yjJKrodal Times Friday June 2 1978 



■ ■ <p: I ^rK .f -. 


researchnd, and, while he deals entirely justifiable sharpness, the 
Cambridge Between the Wars by with the retrospective heat of a oddest thing is how long, among 
T. E. B. Howard). Collins, passionate period, still fair- politically conscious people, the 
£6.50. 25S pages . minded. Once or twice he shows devotion to pacificism lasted. - It 

' ■ .I ■ .-.1... a faint inclination not to let the now seems both inexplicable and 

In the mid-lMOs Cauihridoe left **■* dons get thc best of iL mad * Jt did much harm. Yet 
wm quite a S Siierato *“■* J" writes pleasantly the climate was pervasive. I 

”• “.*« I often 

ffxdiQtfifif not much lucfir thA& - guess froin tlws_ book been accused of succumbing 
nn-tTlha Anubrnnibnl that not only was Hardys the easily to mass opinion, but 
SteJUTJdT?tetSS! elegant of minds, it was Howarth points out that 1. 

At UjelEne time it contained S 80 a ?. l nM>lt , onerous, 1 say together with friends usually 
men -who, beyond any conceiv- ^ at deliberately, from intimate more sane in their minds, signed 
able controversy, were recog- hn^l^dge. a letter protesting against the 

uised . all over- the world as Since the university w&& so us £. *** scientific research for 
among the great intellectual small, anyone living in the place, Purposes. We signed 

figures of. their time— Rutherford as 'I did from 1928 up to the tha1 lett . e ^ as late as 1935- and 
in experimental' physics, with a war, had the opportunity to meet re ££f tte ° ’ f ever aftor - 
whole group of coming young anyone else, and in fact I knew The™ was no excuse. I tried 
men: . Chadwick, Kapitsa, most of the people I have men- t0 what amends I could. 

Blackett, Cockcroft; Dirac in tioried fairly weH, a good many and Wltbin a f R w ntonths was 
theoretical physics; G. I. Taylor much more closely that that I applying myself in precisely the 
in any kind of physics; Hopkins can "testify that to me nearly a>? °PP°rite sense. So did my 
in bio-chemistry; Hardy and Howarth's judgments appear friends. We were preparing our- 
Littlewood ‘ ■ in mathematics; sensible and wise. Occasionally se,ves for wartime jobs a couple 
Adrian in physiology; Keynes in he accepts popular opinion of years he f° re the war began, 
economics, his reputation con- rather too easily, as about J. B. S. 0ne moral of that episode is 
fined to the western world, hut Haldane, and he leaves out a nppf T*° si S n collective letters, 
illustrious there; Wittgenstein few people of major intellectual There were other discreditable 
and G. E. Moore in philosophy, talent such as Waddin^ton But P ha - scs Howarth's period, and 

with similar qualifications; Hous- it is difficult to imagine a con- be ‘, 1 dea, s J vUh xhem ,j ust 48 ^ ^ ^ - 

IS" JUfSfS32St‘ ,,p - 10,6 ZnT ° f “ s kind ^ DS bttler ™“ J i s KtSSTS A/f rt rn fjp ], 
„ ZSnSrXZ UbtJlCli 
nSSr, X RmherloS SS BKtoSMScLi'asS of "°™ a in u,e 

th»rX ,hS, l^f n ;!t To e u 7d ,t W safely be granfed. BY RACHEL B1LL1NGTON 
Sose tivoHiid so ifls iSrd ro Manostpohtics, and not degrees, which was clearly 

bel!eve^th« a ™n iLSmitv that *** 50un * V*Mb* were the out of the question, but the titles 

ff BS/KLta supreme undergraduate stars, of degrees? It was an axiom 

John Masefield: born 100 years ago 

one's bead swim to have the 

Masefield’s mercy 

This island now 


1 — """ * ■■ ; Empire in the first place. Thf 

I The British Experience 1945-75 majority of them went nr 
I hy Peter Calvocoressi. Bodley pottering about their gardenf 
i Head. £5.50. 256 pages much as before, tt is also re 

I marked that the British ennsti 

I Mr. Peier (^Ivocoressi has tution has something in common 
[spent much of his working life with that of the Roman repub ic 
i involved in and writina about — “ a bizarre balance 
I international affairs. He has worked so long as it w-as not 
turned now to 30 years »>f British under loo much pressure, ism 
I post-war history more or less as a the analogy is not P rp ® ’ p n. on - 
layman. The British Experience ss left 10 assume that in Bntai 
1945-7.3 is nni the bonk of a the pressure would have to he 
participant: nor is it the book ver > - gr®a l indeed Fnrlhe hrea • 
lor a journalist in the sense of dtm ! n ln °. cc J“ r * and lhat lnn 15 
(someone who went round and probable right, 
asked questions behind the Mr. Calvocoressi does gn nff 
scenes, still less is it the book at times with recipes for change 
of an academic researcher, if of his nwn. There is great 
only because most of the official stress, for example, on the 
I documents Tor the period arc not failure to develop industrial 
i vet available. It is rather an democracy ns a counterpart to 
{extended essay. the political democracy already 

I There is much to be said for achieved. similar point is 
jlhis approach, the more especi- made about the failure of lhp 
ally ir the writer, like Mr. Calv..- schools and universities Jo 
coressi. is intelligent, civilised respond to industrialism in the 
(sane and well able to make inter- way that they once responded 
national comparisons and judg- I" the imperial adventure. Also, 
ments • between past and the judgment occasionally 
preseni. Even the neutrality of falters: witness, for instance, the 
the title is telling: The Britisii comment that the Industrial 
Experience suggests a more Relations Act. l9il. was -one nr 
balanced view than anything the most significant measures of 
railed ( say > “The Decline uf century. It is Uiie that 
Britain." “The English Sick- J hc writer means significant :n 
ness" or “The British Disease." ! h c sense that the ‘lOvernment 
Mr. Calvocoressi does not pre- introduced legislation to deal 
judge his subject. He also with ns over mighty subjects 


] recognises that ilO years is both rihat is l the trade unions, only 
inevitable that the sintr and the weirdness of the a | on g and a short time, it is a J r * find thal lh{ : 1 ,aw was no 
of p-i-lry nurtuuies setting work in Masefield s . i on r. u me for those who live necessarily respected. 

... _ m . t * . . ■ . >L .... r . *■ . Uaii thnro cfifi mnnic an nfomnnf 

back wSmbridM once more SpinlA Civil War polarised f K erha PS da ^ Ln f rn . inds Bulled. John Masefield wrote his lt ....rf the siroplisiir morality of ••The'/;:” MnnVe'Vr'Tia 

Heffi h wsT«S£e sharply than any {f e l«j25 1 ° r “S,L J ho» **try to be spoken out loud. L, ;;. k '; h ^ n EvcrIai ,P n5 n - ^interesting I ‘ ast P T^t is 

to live St ^ aSosSh?ro and ^" feature of the time. But JiJ* At the De S inni nB of this century ^ and n r I. d unconvincms while “Rey-J^S' Bri 

co it was Ar a token of krati- even then, tiie majority of young homes and halls rang with his Although tun uf conievi. even d lhc p os - i s unendurable. *nd vet the ti 

t!di‘ ”5 Of l«oS? S 55* renivned heany. unreflec- «?»«. SISCt SSS62JS 4 **2 JSVh. ,.LT^ 

ralily of "The ! 

SJforit? hehas nw iZ^6 "con^d about their ™*r reeled While too often he, eaves stand- 

2E DB !SU? e B 7tS personal fates than about all this g"HL “Underneath her lopmils. she n? an cxcruti:.iin 3 ty bad . «;up- 

nard ihe Fox" is unendurable. 
The marvellous place names. 

rough ,h c period, but a rela- ““‘‘tSLu 11 

■ply short lime for an ° r il h ^f l h °J®: an . d 

slorian. It is thus possible in squ^es oddl uith lhe a r 

L*ne simnlt-inprtiiclv lhal mpnt la,cr ,n thc l,nnk tha l lll, > 

5” ir , "h siti'est remark of ihe renturv " 

irain ha^ not * nsnspu cnou.49. .« . 

tile admitting shat Tor many pr w “* th h a i ® r i a M ,n "..nve.-nlh,* 

« P Th a » U u' * r d IE Equally, ihere is little to be 

femmPrf Rrdii noHtle* ^ Paid for the ,li P ^nOti- lhat 
And ?-!L» 0 | f hP r «mMhiS 0 i! h ih P “renal inn is no different from 
™ d ui£LiK inflation but is meant In sound 

ESTtinSr* 0 **** Hawks Club! and not elected SK/MT'S ffi E 
between the two wars. vague talk or war. until the entire univemitv S5? DI &„* „ ol S j h Ef Merc V : 

It is an admirable piece of With hindaieht, and Howarth cricket team threatened to resign in s ?ii.En- l and ooeirv red- “By ihi^ the sun was all one 
work, witty, judicious, well- brings out this point with on his behalf. won an an isngiano poetry reel 


rnymes ana aiiuerauon. aonu “*7.* ThP ni3n< ?llnus place names. i,_ np k-.Iutiw.h -.nnrna.-h that mnauon dui is meant m snunu 

Betjeman's father recited While too otien he leaves stand- ‘Through Clench Brook Mill all iS ■ SJilS ,ess alarming." That may be 
“Underneath her topsails, she an cxcruliaiingly bad .oup- Clench Brook Leat. he nbvfois Se ^nriusion ol «hat Chancellor Schmidt tells 

trembled like a slag" in his ?>™ rhe Everlasting Through Cnwfoot Pastures to! Jhf, £L,5 d,« fiw *mouE S. Wr - CaiJ.ighan. but it is not 

bath. My mother would have Mercy : None, y Stevens iLnvthin-much mSroEthS then ret i rally true, 

won an all-England poetry red- al,n A ’ dS a " one And away lo Poltrewood St.i uritnin '’fs a nrpltv odd nlace * r ° r lhc most pari, however, 

tation contest judged by Mase- ghtter. Jcvons’ l,l ie ni a j 0 'ritv of whose citizens Mr. Calvocoressi has written a 

field— if she hadn't slipped on Th^ ■I’.te birds were all in cannot make up for ihe hunts- ! are not o' rea tly discontented hook which is both detached and 
the rostrum. The whole of my twitter: man’s “Clear voice carol ling," with .i,-:* [ot Thp hi G a e st wise. It may not he a very 

generation fearnt, “I must go °f .course Masefield was , in the •• Hark, Hollar, Hoik." or Ed- cosmic change which rame over striking conclusion lhat British 

down ^0 the seas again" and star* -telling business, more m- hoick! Eleu ! " Nor his idiocy n ,id.t W entieth-centurv Britain, it democratic instincts and instilu- 

“ Quinquireme of Xinevah from teresled in gaining an effect than W hen they break into English, n0 | e{ j was «he fact lhat ihe tions have remained intact 

distant Opfair." I can say them I. 1 ! 9 p '* eo i S4 ? use nf e ? ch “ u glorious God.” he said, c t, untrv ceased to have and to be despite 30 years nf rapid change. 

Infill UaUOei’ nP succeeds. It IS Hie "hnw Willv," . ' : D... *l — . U.,* if uemc In h»VA h(»nn u' 

tation contest judged by Mase- 

the rostrum. The whole of my 

[generation learnt, “I must go U| course siaseuciq was in me “Hark, Hollar. Hoik." or Ed ‘ ) «jijnie t-h'3ii'’r" wJiich^rame^iTver striking conclusion that British 
down ^0 the seas again*' and *lory-iefljn.5 business, more in- hoick! Eleu!" Nor his idiocy mid-twentieth-centurv Britain it democratic instincts and instilu- 


Of course Masefield was in the 

— 1 ■ . eity- bad it not ~been for “the mentation, a whole era ended. . .. , . , story of a young painter who This line is. in fact, clearlv 

The Winemasters by Nicholas Bordeaux scandal" in 1973. Though the “ scandal" pro- This audio-appeal should make goes tn ?ca in order to paint but dictated by the need to rhyme 
Faith.- Bamiah.Hamiiton £7^50. Whether everyone loves a lord vfdes much of the climax, the mor * ^cceesioie at a time finds be is fighting a halite to tt . rt h jjje previous line. 

328 pages ■ may certainly these days be coverage of this well-researched n ^. ai J cc "^: prove himself both to his ship- -The dark green gorse and 

: — — questioned, but a' great many book is much wider. The story males wno think him at best "a bright creen holly." 

Bordeaux is .. not. . only, the peoj>le lave a wine scandal, which really begins with the arrival or k P ,f,|? slac{ ' nr a heekanooia Rhyme is another nf Masefield's 

largest fine wine region in the seems to show up the pretensions the foreign merchants, mostly r? Vl ^^d . a, w <' rs * '* ‘* s,| iy salt "}is- problems. When it works mi ell as 
world; it is also the most interest- of the “experts”. in a socially Anglo-Saxon and German, in the ,?£_ L ihi ri Lviii»nion? ta ,7' a »r ^ nd ei'-nti'aMy m him- in ,| 1C sir. rm nene in Dauber, it 
ing. on account of the variations sensitive area. 18 th and 19th centuries and their EmLiS? e ?I? ! ft n f ^ f ’ Ma ’ ! ‘“ , “ ,d * 0 n earI >' - v<?a ; 3 works magnificently, but when 

in style and- quality of its pro- ’ Nicholas Faith has seized on history is pursued— through the si almEi ^ presumably UV er-enlhusiasiii leads him to 

dn«s, of the complexly or its this newsworthy affair to write a French Revolution, the boom of complS roreotien cufTeietl a «mnlar experience excess as it dure only loo often 

trading, and, not least, for the history of Bordeaux's merchants, the Bette Epoque the lone c - mpietei. forgotten. makes ji a rich passionate story then it becomes a harrier to 

uaunei* ne &ucceeos. it is tne .. hnw . j r ,Ji>." an empire. But even that did not but it seems to have been what 

story or a young painter who This line is. in fact, clearly make p ve - f much djff ere nce. if the majority rff thc people 

goes to sea in order to paim but dictated by the need to rhyme on i y because few British people wanted. There may have been 

finds fie i>- bsfitin? a name 10 the previous line. had been much involved in nr few great successes, but there 

prove himself horn to his ship- -The dark green gorse and muc h cared about the has also been no panic. 

themselves, at ihe higher levels remarkable-job, accurate, pene- . , . . volume, John Masefuzld: Selected ful «r threatening depend ng on rbvmcs comes as a tremendous 

as much concerned for prestige' trating and entertaining, in delv- . ? ei ? ds wth the recent speeu- Poems icith a Preface by John poor Daubers state of mind. relief. 

as - lor iirqfit' : ‘tMouton-Rcrfifl- ins into''" the pasE and near- latwe boom and subsequent bust Betjeman to celebrate the cen- “The splitting crojick not yet Since few of the poems in this 
child's centunfrlogg campaign for ur tamg of a relatively small pa^ damaged the merchants so tenary of his birth. A centenary gone to rags. volume are dated and a poem on 

first-growth status is the oot- community of trading firms and badlSr-but ™e growers far Iks memorial service, was held Thundered below, beating till Gallipoli comes near the end. it 
standing example); between the families. ; unique at least in the trade W ^ 1 d0t ** yesterday in Westminster Abbey. something gave. is difficult to judge how Mase- 

rrowers and the merchants, the wctrlri nf wine. same again. For the traditional The first most obvious barrier Bellying between its hunllines field’s talents developed. How- 

latter generally having had the - ftn __ merchahts have lost much of to a modern reader is the great into bags." ever one can see that as the Poet 

best orit as indicated by the SIS-ms!! lEK Ete*“iS?S n ,en>!th of many nf h ’ s pDPms ’ F ' vcn thp ^ dialogue. Aureate in later life he would 

title of this book; and between fl ” r ^ J? I? Si “mStlv ^hn ‘ ,The Ever,8Stine Mercy"— a daring in Masefield's time but have been well advised to eschew 

the merchants themselves. AS 1? d , _ h en 5f- n «v w? moral ,ale of a bad boy’s con- often too pal for s modern car. writing a panegyric lo Dame 

a result Bordeaux is the most Chartronnais— they ^*7* diversified Into 1 « just version Trom vice. i< usually sueecssfu' hen-, some- Myra H-’-s. 

»IH« « was vided a commercial aristocracy another commodity, and found , , niio ,. , u r}es hath drimaiie and eomi- beauliful. most gifted. 

S^^iSSl.S5!d.“''ffif *«' f"'®'*" in it less told-bMnng tt, n .heir J*™*- > ' *<«<***■ “7" Xn JbcZlunZ d^s , »»* n..«l «.». 

extraordinary : hnom^ind.'Uuflt other wine centres, .such as accountaots^ forecast. In dealing | ^ Dauber across the Hooded shin. How shall man " ,,r d the 

eal a-- when ihe bn-un addresses 
Dauber across the flooded ship. 

■•Most beautiful, most gifted, 
and most wise. 

How shall man word the 

would have received wider publi- 


Announcement* below are prepaid -adoeriisements. If «o*J 
require entry in the forthconrthg pa nets 
be made Vie Adtrertisemenf Department Bnicfeot 
JO Camum Street, EC4P 48 Y. Telephone 01-248 8000, Ext 7064. 

The Soviet Uniott-^- 
A Guld^^ook, . . 

V. LAid vikova .and . 

L. Skokan 

/ Bloody Mary 
. . Garoliy Erickson 
. .This superb, absorbing bio- 
graphy of Mary Tudor takes 
• ah unconventional look at one 

w4oe. The wioe was oot short. long lhat one cannot help echo- strange mystical -tiiry abnnl :i man’s amusing but less than 
just greatly overpriced, but it is ing the exhausted huntsman's circus whose failure and misery convinced preface, 
valua/bie to have his account on “Tfier've been few rune longer." is counteracted h> ihe arrival i»f However there is no doubt lhal 
record. In such reams of poetry it is a stranger. The unreality uf the it is an excellent idea to make 

available Die works of a poet who 
was a major popular figure 
before there were any of our 

Flrflnw modern aids lo mass coroDiuni- 

riction cation. Who knows bow be has 

influenced us 1 .' 

. perhaps if John Masefield were 

• j v 7 living now we would be enjoy- 

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Coming together 


-• each story separate and sequen- bad stood unchanged for 

Antiquities by Val Mulkerns. a bead on a string, yet .form- centuries.** 

Andre Deutsch, f3 50 134 ,n » a pattern with the rest. What as remarkable and con- 

pages ‘ ‘ The Stone Arrow, a first novel vincinc about the hook is ils 

______ by a young biologist. Richard description i»r ,,nd 

„ eiilM y. x . »:_u-_h Herley. comes with a warm coin- ■*. ,an>, scape. The plat-e at a 

Tn end a Cion from Anthony Bur- dlpt3n ^ or five thousand years 
g®rley. Peter Davies, £4.50. gess Q0 less u takes a land . vet re. ogntsably Sussex to shown 

330 ***** scape the author knows well— '-eauty- f..rre and care: 

. ■ — 1 ■ — — the Cuckmere Valley in Sussex plant.*-, land fom.atiun. si>il and 

donee and Deeav in All \ round and the coast further west— and swamp-. _ coast and rivers, the 
^S«“ AttS y £^"‘Sdte? P-O it back in'o the K,w Sinn, "4 ^' r r 

■Read f4«»n 158 naoi»c Age, peopled with three emerg- layered ute. Human, animdi. 

aeao, t«u. ion pages ing c |^ Mwaions ^at overlap and vegetable. 

•" often fight for dominance: che It i: a highly satisfactory first 

The -'form of Vai Mulkerns* f anners. ^*0 live in clearings; novel, full of information and 
AnVauitiex makes one auestioo tte who 4,01,1 ■ in ^ interest, atmospheric yet solid, 

tbediffereiice between novel for® 513 : and the rich entre- suggestive yet almost weirdly 
SI short^Sv Val Mulkerns P^neur-s who quarry flinte with recognisable and credible. 
SuS beSeTu . shortS =5?^ labourer,. An About enother first novel, 

writer' but these stories nut ambitious young farmer seeking .Mien Massie s Change and Decay 
together, have the chestnuts l«MJenhlp in has vUlage raids a In All .-traand I S« Ifs not so 
and weight of-’ their joint n 0' mad settiement and tails much a matter of having less 
presence; making a tale that’s everyone— he thinks. But the to say as of being less positive 
freer in time, space and single survivor swears revenge. and confident in saying it. II 
atmosphere than it would be in The story then has a double sends JJP a small firework Of 
a : straightforward novel, more excitement: lihe Crusoe-like ,a * eot 11131 ma - v l ^ e prelude 
loosely kirit and more sparely theme of looelv survival, using ^ more or may splutter out and 
told, hat one that gains in point, whatever comes’ lo 'hand; and the die * P rt ™wns u Uortvauve 
in the relative value of this or tedmical problem of imnlement' SD *f kl ° (wj|1 ™ above all 

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much general • information. . literally couldn’t put it down 

The main part of the Jtulde-; - MItford. 

book, is a gazetteer of tiie jj^n* - £7.95 

main Soviet towns, with ^ 

statistics- and .historical, sjir- Ch win s Economy. 

veys. . • „ A Basic Guide - 

Collet’s . : . . CHristopber Howe, 

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Moscow. Lcningrad,Kiey. china institute 

A. Guide 7 ; V - .“A timely, objective mid in- 

« i formed assessment of the ect> 

Deana JjOVIII.' . ■ , . nomic situation of China . . . 

Idipp: psiperhMlr contaitong tool, for ati concerned with 
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‘Sftmwt- malMCOontti^ in all .[that event or feeling through ing tie vow of vengeance and an ancestral early Waugh), hut 
Industrial property, [its connection with others, single4iandedly wiping out with ane " ,U| what seems real spirit. 

Bfm iTfiees. , : JearKcr or later. the most primitive weapons. Bits are very funny; others te.-s 

Ed. Zabctie Sienfon 

D(‘rr'> b i '»n>|»li-v «;iru--lur-s rrf ESKC 
anrt 1U.I v >ih rv,-iiw» oro^rAnini-r 
d,-r.viK i<nil <i*rr -:.ihii» nam- S of siaB 
pru Ju- < --■ pric'Mnnii- pn-*--i«i'-r» jimI 
eWIItil"! ■>' '■"■1 Ihi- L-.K Irlivision 
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The English and American Experience 

1560-1976 j 

Roy W. Jaatram, University of California. Berkeley. 

This comprehensive new book examines the history of gold prices end I 
commodity prices over the last four centuries and the relationship 1 
between these two factors. 

Containing materiel never before published, the book gives a consistent 
series of gold prices in the Western World beginning with ihe re>gn of 
Queen Elizabeth 1 10 the present. It presents an original mde* number tor I 
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England since ih« Great Recoinage. A continuous record is given of the 
exchange rale between gold and other commodities over I his eni ire span i 
ol nme (and since 1 800 for i he United Slates}. With its informal ive tables 
and chans, and a comprehensive fotd-oui chan, readers wilt gain an 
historical perspective on past price behavior. 

Contents: The English Experience; The Price of Gold: Historical 
fluctuations in the Price of Gold: Commodity Prices and ihe 
Construction of index Numbers; The Purchasing Power of Gold; The 
Purchasing Power of Gold in Inflation and Deflation: The American 
Experience: The Evolution of the Gold Standard and Historical . 
Fluctuations in Gold Prices; The Purchasing Power of Gold; Reflections 
on the Golden Constant. Index. 

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Jude Wanniski. Associate Editor. 

The Wall Street Journal. March 15th, 1978- 
0471 02303 5 252 pages April 1978 S22.80-'£12.65 

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A TOOL OF POWER: The Political History of Moray 
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national i law -Property Law 

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Kuropean ^Btintries and twta- - Vohlrtl£S 2 and 3 

S ti tbeir^Sul ior%i5eSS5> Desism^d as convenient re- 
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: -. A .middledass Irish family, wery Person, building and trace 

Dublin-based, though some of pf „ b / e « 3 .large, prosperous, rathci dreadful, u sugvesto loud 
the stories are set In France weU^fenced village wilJi Ihe moyl lauqhior. wherea-; the hunk 
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“ ttSf ESSi ^ ,lien *“«"■ By the end Ate^-r. the hero launched 

tions, 60-odd years.’ Politics on « « ' *>ne. “ In a matter nf penniN ir i London after a cpell 

the one hand, personal events months no trare of them would in s»m. tindc himself involved 
on the other. The writing Is T bmaia. n the hero realises as be w-Ub recngniisble figures of 

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action al all the^ -important. . Reveals the reactions and feel- 
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Europeatf-Coramunity. Where - J7orthernIrel^d towards “the 

the legislation. 'doe* not have troubles. “Sbouldhe required 
m aittbentid Englistr reading for _all En fi ll sh L . a .° d 

Original language tex\ JS,a^o ■. ■ Irish polUicians, journalists 

arlSedJnra .gd-.^ctera, H^ng. 

itedinppta ^.-E^erii"gStandari Frontas- 
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rop^WCintreXtd. : - John W*t*j ■ ^ 

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Financial Times Fiiduy June 2 

' . -■ v-.V. • ‘ * ■« 

»; - 



■a*. ■ 


Som-one couM do with a bit of 
refurbishing byBovis 


Refurbishing is about fitness for purpose, and that's 
something, let's face it, which some buildings just aren't 
bom with. But generally it becomes necessary because 
ideas about purpose have changed. And ir's not only 
Victorian office b uilding s that need conversion. Take the 
theatre: ideas here have changed a lot too. 

That’s why the Theatre Royal at Nottingham was 
such a challenge to Bo vis. Wing space, scenery dock, and 
dressing rooms all had to be replaced completely. The 
“gods" had to be given a less vertiginous rake. There 
was a need for a complete ventilation system I it’s been 
squeezed into the gaps above the ceilings), a new 
orchestra pit and a new stage lift. 

None of it was made any easier by the caves which 
threaded the sandstone subsoil, or by the need to fit the j 
whole job in between one panto season and the next. In j 
practice this meant that work on stage one had to begin 
while shows were still going on, and roof props had to be 
positioned to take account of the choreography of I 

^Oklahoma". | 

“It has been difficult to allow for modem methods in L 

theatrical production and still to fit into the old theatre 
envelope", is one consultant's comment. But, if we may 
quote one of the others, “Bovis are doing jolly well”. 

I 1 

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Bovis House, Nortbok Road, Harrow, Middx, HA2 OEE. 
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Fifty years of j 

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1928-1978 | 

3SFH: , 


THERE HAS been talk for years 
now about reforming the House 
jE Commons, and the need to 
make it a more effective insti- 
tution in dealing with govern- 
ment. Although some reforms 
have been undertaken in the 
past ten years, the Crossman re- 
forms being the most notable, 
there is still as much talk as ever 
about the need for change, be- 
cause it Is widely thought that 
the House of Commons to-day 
is not much more effective an 
institution in holding govern- 
ment to account than it ever 

What is often overlooked in 
this discussion is that the House 
of Commons bas in fact become 
a far more effective institution, 
certainly in the sense of in- 
fluencing government policies. 
Moreover, it is likely to remain 
so whether or not there is a 
return to majority government. 
The need for reform now is. at 
minimum, not to make the Com- 
mons more effective as an agent 
of influence, but to enable its 
growing influence to have bene- 
ficial rather than detrimental re- 

A main criticism of the House 
over recent decades has been 
that its procedures and decisions 
are too much dominated by the 
Government. The picture many 
have painted is clear: it is of a 
House of Commons that has 
become largely subservient, one 
that almost invariably gives way 
to the power and will of 

Governments could indeed 
I exercise this degree of control 
in the House of Commons for 
I wo decades Following World 
War n. at least until the middle 
IPGQs. It was hardly ever 
defeated. This is best appre- 
ciated by looking at four 
reasonably typical years during 
'that period (1947-48. 1953-54. 
1962-63 and 1964-fin). Over 
those years, one can almost 
count on one’s fingers the total 
number of times the House 
j altered government policies 
I over the Government's obiee- 
tinrs cither in stand ins com- 
mittee nr on tb*> floor. Tt 
I happened a mere 11 times ever 
the entire four years. The 
|er«?rest number of defeat 6 *n 
i nnv sinsle year was four. Tt is 
berdlv sumri-'in" that, “tohhv 
Tedder " what 5IPs soon came 
m i'p ca’Ied. 

How docs this record beFore 
>986 compare to the situation 
today? The change to the 
1974-7S period is i^fpet drama- 
tic. This period has found the 
House defeating the Govern- 
ment in committee or on the 
I floor on no less than 122 occa- 

sions, on average about 30 
times a year. Moreover, as we 
will see shortly, a substantial 
parr of this cannot be attri- 
buted to the minority status of 
the Government throughout 
much of the period. 

I - am not referring here to 
just a few isolated defeats. 
Take the standing committees, 
for example. Over the past 
three years, the Government 
has actually been defeated once, 
twice, or more on 50 per cent 
of the Bills that have come 
before the standing committees. 
Whereas the Government used 
to lose on only about one divi- 

66The House is 
no longer the 
compliant place 
it once was. 99 

sion in every 200 in standing 
committee, its control has so 
greatly slipped that it is now 
defeated on about end division 
in every eight Surveying a 
sample of these defeats found 
that almost 90 per cent were 
either completely sustained by 
the floor of the House or sus- 
tained so as to be closer to the 
committee’s original viewpoint 
than to the Government's. 

Whether in committee or on 
the floor, many -of the defeats 
over the past four years have 
been on matters of significance. 
These include a series of sub- 
stantial amendments made to 
three of the last four Finance 
Bills and forced upon the 
Government. Also involved are 
all the major Bills on constitu- 
tional reform, both devolution 
Bills and the European Assem- 
bly Bill. It took three sessions 
for the Government’s Aircraft 
and Shipbuilding Bill finally to 
pass. The Government, too. lost 
the entirety or the guts of its 
proposals regarding energy pric- 
ing. redundancy rebate payment 
reductions, and dock work regu- 
lation. Additional key amend- 
ments were forced on the 
Government’s policies relating 
to pension benefits, racial dis- 
crimination, industrial strategy. 
Farm prices: in fact so many 
areas and matters to be impos- 
sibV briefly to list. • 

Clearly, the House is no 
longer the compliant place it 
once was. Yet. might 
not the renewed assertiveness 
and influence of the House over 
the past Four years be almost en- 

tirely due to minority 
meat and thus likely 
passing phase until majority 

government is reinstated o 

again? In fact, this is not the 
case. The tendency we hav ^, 
seen since 1974 began to app^r. 
as far back as the later 19 BUS- 

The later 1980s were years in 
which Labour had an over- 
whelming majority « 

House of Commons of upwards 
from 80 members, and the Con- 
servatives had a reasonably solid 
maiorlty of 28 in the ensuing 
1970-74 Parliament Neverthe- 
less. while two or three Govern- 
ment defeats were usual m trie 
years prior to 1966. from 196 “ 
70 the Labour Government, even 
with its enormous majority, was 
banded 10 defeats a year, ana 
the Government was *0*®®*“* 
withdraw two of its major Bins, 
one on industrial relations ana 
the other on reforming the 
House of Lords. The subsequent 
Conservative Government in 
1970-74 was defeated even 
more, reaching a zenith of 16 
times in 1972-73. including issues 
as Important as counter inr 
flatten, fair trading, and 

It is -worth noting that the 
1974-78 period itself was not one 
of minority government alone. 
For abour a year (from tne 
October, 1974 election until to- 
ward the end of 1975), Labour 
actually had a small majority 
in the House. In spite of its 
majority, the Government was 
still defeated 26 times over the 
year in committee and on the 
floor. This number of defeats 
under majority government is 
approximately the same as the 
average Tor the rest of the 
1974-78 period under minority 
government. Nor can the reason 
For this be the presence of only 
a small majority in the House in 
1974-75. For the 26 defeats the 
government suffered in 1974-75 
compare with only four times 
that the Labour Government was 
defeated during 1964-65, ‘just a 
decade earlier, when it had an 
pnuaiiy slim majority in the 

It is essential to note. too. 
that the defeats of the Govern- 
ment in the House are now of 
an entirely different character 
than they previously were. Not 
so Tong aen. cmssvnting with 
the opposition was taboo, pure 
and simple. In the rather few 
defeats the Government tasted 
in the House before 1966, only 
two during the four years 
sampled were caused by the 
Government’s own backbenchers 
crossvntiog to support the 
opposition. How things have 

Changed. ...The famous Rnnker- 

Mse amendment -to .tfie. .1977 . 
Finance BUI is not the highly 
unusual case of crossbench 
voting that it is sometimes 
made out to he. Instead; fuUy 
64 of the defeats handed the 
Government by the floor or by 
the committees of the Commons 
dn P p 1974 have been a direct 

result of back-benchers of the 
Government's parliamentary 
party crossing over to vote with 
the Opposition. Backbenchers . 
have simply become much less- : 
predictable in the House than 
they used to be. much less tied ' 
to party discipline. It is not* 
just a few rebels " from the - 
Government’s backbenches who 
have beea involved. On the 
standing committee alone, no'.- 
less than 62 Labour back.-. . 
benchers have been parfici. 
pants in defeating the Govern- 
ment since 1974. They come 
from all sections and wings of 
the party. The numbers run 
up to well over 100 when dlvi- . 
sions on the floor are included. 
And, again, little, of this- has to 
do with minority government ' 
It simply follows- a trend that : - 
began under majority govern- 
ments prior to 1974. in This, case 
under the 1970-74 Conservative 
Government, when. an_astonish- 
ing 73 per cent of; the . defeats 
it sustained hi committee or on 
the floor were caused by cross--; 
voting. ... / 

The House of Commons since ; 
1968 is a very different place 
from the House that govern- 
ments used to deal with. It is- a 
more forceful and a less pre- 
dictable body, it has been 'so 
for some time, and it is likely to 
remain so even if majority gov- 
ment is re-established. - % This 
does not mean that reform is 
no longer needed Precisely the 
reverse. For. as the 'Wales. Bill 
recently illustrated, when on 
one occasion MPs obviously did 
not understand what they were 
voting about when, they de- 
feated the Government, to be 
more independent and more in- 
fluential are not necessarily the 
same as to be knowledgeable 
about what one is doing. Be- 
cause the House of Commons 
now has far greater Impact in 
determining the contents of 
legislation than it used to. and 
because this is likely to con- 
tinue, there is all the more 
need for the House to effect re- 
form to equip itself to address 
this important task with the 
competence and care that such a 
task surely warrants and that is 
the right of the public to expect. 

Mr. Schwarz is Associate 
Professor of Political Science, 
at the University of Arizona. 

* l - ♦I; 

.y^xi 1 * 

: . vj: \ 

i T 
■ v* * 


1 !4 i* I 

Jin i 


i.i Vs 

1 1 

4 -4 

i i 

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1 A 

Both operating sectors, Chemicals and Metals, contributed to overall result. 


Degussa, an international chemi- 
cals and metals company, with 18 
production units in West Germany, 
close to 13.000 employees and 
more than 30,000 shareholders as 
well as facilities in most major world 
markets, had another successful 
year in fiscal 1977. Satisfactory op- 
erating results were achieved with 
overall sales snowing a moderate 

Corresponding to its main activi- 
ties. Degussa is structured in two 
corporate sectors: The Metals sec- 
tor with its divisions Precious Metals 
Trading and Refining, Dental and 
Semi-Finished Gold Products. Tech- 
nical Metal Products. Metal Joining 
Techniques, and Durferrit and In- 
dustrial Furnaces; and the Chemi- 
cals sector with its divisions Chemi- 
cals. Pigments, Ceramic Colors, 
Carbonization, Catalysts and Phar- 

Degussa’s foreign production 
units - mostly in specialized fields 
and operated by subsidiaries - in- 
creased their sates substantially 
and contributed 16.7% to total 
Group sales. This favorable devel- 
opment is expected to continue as 
new plants start up production 

In Mobile, Alabama, Degussa’s 
Aerosil plant went on stream in 

December 1976, followed by a 
methionine plant at the end of 1977. 
The second construction stage with 
its cyanuric chloride and hydro- 
cyanic acid plants is expected to 
be completed during the second 
halt of this year. 

In Brazil, the Company inten- 
sified its investment activities by 
increasing its capital contribution to 
the subsidiary m Sac Paulo. Further 
sizeable investments were made in 
Iran where Degussa holds a 40Sb 
participation in a new joint venture 
for the production of frits and glazes, 
and in France with the purchase of 
50% of the Rexim 3 A stock, a 
company operating in the field of 
amino acids. 

Highlights of Fiscal 76/77 

• Group sales increased from 
DM 4.3 billion to DM 4.5 billion. 

• The Metals sector accounted for 
almost 51% of Group sales with 
DM 2.3 billion - only a slight 
improvement over the previous 
fiscal year. 

• The Chemicals sector recorded 
a growth of 10.1% with toia! sales 
amounting to DM 2.2 billion. 

• Net income for the fiscal year 
was DM 36 million as against 
DM 41.5 million in 75/76. 

• Assets acquired totalled DM 79.3 
million as compared with DM 81 
million the previous year. 

• A dividend of DM 8.50 per DM 50 
share was established. 

• Si. 7% of total financial require- 
ments for the parent company 
were covered by internal financ- 

The balance sheet structure re- 
flects a sound financial position with 
capital, re se ryes, and other long- 
term financial resources exceeding 
total fixed assets by 55%. 


During the first months of the 
new fiscal year total sales increased 
as a result of buoyancy in the Metals 
sector. The weakness of the US S 
slowed profitability in the export of 

In view of pending wage nego- 
tiations and continued international 
monetary unrest the outlook, 
though promising, must be tem- 
pered with some caution. 

For an English version of our 
1977 Annual Report we invite you 
to write to: 


Abteilung Offentlichkeitsarbeit 
P. 0. Box 2644, D-6000 Frankfurt 1 

Progress through Precious Metals and Chemistry 

This announcement appears as a matter of record only 

r «ls II ' 












B. A.I.I. (Middle East} Inc. 




BANK (Berhad) 

(London Branch) 






i • 

JUNE 1978 


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Friday June 2 1978 

rrx— -7 • 


Overcapacity continues to be the bugbear of the marine and aviation insurance 
sectors, leading to often unprofitable premium rates, severe competition and increasing 
complexity. The only solution will be a renewed shortage of capacity. 



• soy’ sustained trend in heavy 
dims. ‘ Rather is it the excess 
underwriting capacity which 
has 'swamped the market at a 
time when the volume of busi- 
ngs, particularly in the avia- 
. . tibn side, has not kept pace 
with the growth of insurance 
markets. The result is that 
premium rates have been 
slashed to often unprofitable 
levels in an effort to beat the 
competition and capture what- 
ever business : is going. 

This, prpblem dates back to 
'' _ the jearly 70s. - rn those years 
p,, Vf ’ favourable underwriting experi- 

"y .'O^'^OOre • ence Ted to* a rapid expansion 

. ‘ {• - ‘.of capacity from technically 

M THE "WORST trading condl- unsophisticated overseas ra- 
tions iince the war- is how Mr. surers who dbeided to develop 
Voi+v, wiiii,™. marine and aviation accounts. 

KeitbW llliams, chamnanpf fhe To d aJ - they undercut exist- 

institute of London Under- j -rates .and bit deep into 
vmters ^ recently -described the. traditional markets such as Lou- 
state of the marine insurance don, ; While many of the over- 
market The aviation under- 5535 - : insurers were perhaps 
writers would doubtless agree '-tyros-in the marine and avia- 
that the am? is true, .of their tibh markets they were suppor- 
markets;- for during the past during their years of devel- 
year "there has been little : sign hpp]£xi£ by well established non- 
of any raaj =. improvement in *iiarine accounts, 
both- these sectors of. insrur- . ■ .entry into marine 
•auce:_ / markets hit .those more experi- 
The weak : state of maririe enced insurers at a bad time, 
and aviation insurance business EWorld tra^ was depressed — as 
is - notr due ' to any ' emergence . it is now. Around 22m tons gross 
of. a whole run .of “ catas- of dipping ‘are .laid up and 
tropbe ” or other ■ large and the sbipbuildin|L order book is 
unexpected losses. • Tfre'marfceis roughly less {than a third of the 
have beeh mercifully fr^e fromHevel of Ibnr - years ago. 

In the aviation markets un- 
derwriters* capacity has grown 
faster than the demands of the 
airlines, which in ' turn are 
building their fleets around 
larger and ever faster aircraft 
such as wide-bndiod jets and 
more recently Concorde. Fleets 
have become leaner and this has 
led to a reduction in the num- 
ber of major msurable units, 
although the value of the risks 
has soared. A jumbo jet can have 
an insured value of around 
$50m. But again premium 
rates are very weak and there 
is growing concern that aviation 
insurers could suffer heavy 
losses in the event of a large 
“ catastrophe ** claim. 

Fven the air disaster ax 
Teneriffe in March last year— 
the world’s worst — failed to net 
as a corrective on premium 
rates, much to the amazement of 
some aviation insurers. For 
after the disaster it was widely 
expected that there would be 
some hardening of premium 
rales. But whatever ‘firmness 
there was lasted only three or 
four months, and once again 
competitive pressures proved 

How aviation insurers are 
going to cope in the future is a 
matter for some conjecture. 
Commercial viability in the 
long term looks questionable 
when a single disaster -can 
absorb in excess of a quarter of 

a total year’s premium income. 

There are some signs, how : 
ever, that the newcomers- to 
both marine arvd aviation mar- 
kets are themselves having 
second thoughts about the long- 
term viability of these classes 
of business. Although there is 
little evidence they are quitting 
the markets there is perhaps an 
easing of their aggressiveness 
in competing for business. 1 

The newcomers have now 
been in the markets- long 
enough to build up a claims 
experience. • What they have 
experienced in the way of 
claims is not entirely to their 
liking.- • 


Many of the claims in marine 
hull insurance take up to ten 
years to crystallise. The new 
overseas capacity lias been 
largely prepared to write bus-, 
ness- on the assumption that 
income from premiums invested 
before claims settlement will, 
offset any pure underwriting 
loss and give an overall profit. 
But premium rates are now at 
levels which make this increas- 
ingly difficult to achieve. 

Cargo insurance requires 
much documentation and has 

pushed up the operating 
expenses of the insurers. In 
the aviation markets the litiga- 
tion involved in the various 
classes of liability business, 
which lengthens the time for 
the settlement of claims (as well 
as placing a question mark over 
tile eventual payout required), 
has made the usual reserving 
problems particularly thorny. 

In these sorts of competitive 
markets, although both insurers 
and the professional associations 
speak out openly about the con- 
ditions and acknowledge that 
there is need for collective 
action to stop the rot, there is 
little that can be done to pro- 
duce any semblance of order. A 
former chairman of the Liver- 
pool Underwriters Association 
said recently that a feature of 
the competitive whirlpool was 
that “it put intolerable pressure 
on market agreements which 
over the years have been volun- 
tarily entered into by under- 
writers to ensure proper control 
over the conduct of our business 
. . . what is deplorable is a 
cynical and deliberate turning 
of a blind eye to such agree- 
ments. Unquestionably this 
attitude is growing as some 
underwriters and some brokers 
alike look for means of circum- 
venting normal methods of 
rating, nr policy conditions, to 

The end of another tanker wreck. The forepart of the Elenl V blown up in the North Sea. 

secure some temporary advant- 
age over rivals.” 

“If a market agreement 
happens to stand in the way of 
such action it is often conveni- 
ently forgotten.” 

Even the influential Joint 
Hull Committee in the London 
marine market has been forced 
to relax some of its more 
onerous guidelines. However, 
the committee still insists that 
it does carry some weight. There 
are now fewer reductions being 
given on renewal business in 
London, although it is probably 
still true that some of the re- 
ductions were not being 
balanced by compensating 
increases where the results 
were bad. 

For the aviation insurer the 
answer to the weak premium 
rate problem has been to 
arrange an increasing level of 
reinsurance back-up. This in 
turn has meant that the total 
insurance package is ofteD 
highly complex and this can 
bring its own troubles. As each 
new party is brought into the 
insurance package much 
depends bow each individual 
understands and is informed of 
his liability on the risk. 

This does not always work 
out satisfactorily and the result 
is a lengthy and costly legal 
dispute in the courts, often 
over an issue of disclosure, or 
rather lack of it. Often the 
dispute may arise because of 

reluctance on the part of an 
insurer or reinsurer to settle a 
claim where there is any 
reasonable grounds for repudi- 
ation. With premium rates 
depressed settlements are now 
made very cautiously on the 
larger claims. 

The marine and aviation 
markets are only likely to 
recover once many of the new 
insurers have written them- 
selves into a Joss. When thar 
happens they are iikely to with- 
draw from their non-traditiona! 
markets. This will create a 
fresh shortage of capacity which 
in turn will harden premium 
rates. But as yet such a 
development looks some way 


.'O'.. ■ 

n further compounded by 
ency movements. While 


experts. and possibly where the witi; 1 . 21 m. Vffiat was encourag- c ^ . 

greatest expertise ^required at iug 1 about the ‘latest figures was premiums may have been paid 
the moment is- in the marine that during' the year there was in onfe currency, repair costs may 
hull market DUring l977 .the; an increase of 20m tons in world very well have been incurred 
marine insurance market bad to tonnage afloat, and so last year’s in another, and the cost of the 
battle . manfully - with a, .cab- results represented a reduction repairs may have been Increased 
stantly reducing volume qf r bnsi--in the -overall loss ratio;' not only by inflation but also 
ness on offer, m-throat com- The other encouraging sign &F currency fluctuations. The 
petition, both for boil add cargo: was that although the cost of weakness of the dollar. In which 
business,' Iaid-up tonnage. ' con- Repairs continues to rise the Tate- a lar S e proportion of the marine 
gesled ports, and a heavy year ly increase slowed along with account is written, has been a 
on the/casualty froni ^ : . they , rate of inflation. The worrying factor. - 

i But by far the biggest prob- 

The -gloemy- pictnre wmr not .average worldwide increase was le £ marine markets 

brightened by tter International reduced to 4.6 per cent, com- 

Tanker,, Owners,-' which said cmt fqr the previous year: But The underwrULo 7 of 

recently -that in- - October : 1977 ^owners have been seeking “ .* . ^ 

the- point, had bben ’feaCEed pays “of reducing their insu* 

where: 3 / tanker - scrappings vance costs, .which in turn has ni arket_ with a 

exceeded.. deliveries, and 

OMFuHtaS&jmdd. toflw 

that' „ r 

much of tfie existing tanker fleet marine markets. 

was Edd iip. . V/- ■ £ ; • gnotfcer factor which hasTefC figures -in excess of $600m: it 

MMimt- mlntnhlfl Dm. '•i.l- 

Not only- are'the values of the 
platforms themselves reaching 

The pvei^ shipping -re^ss^njthie^uai,- account -vulnerable- is ig also a' high technology risk 
has ltft the world merchant, fleet pressure on other classes ; of requiring a detailed under- 
grpvri^g at &elow; the-rate :; pre- hiisines8. In the past the hull writing experience. As yet there 
dicted m the eariy 70s; '■So Tthe all-risIcs account had tradition- is little experience to go by. 
aggregate- world hullrprentinnis aHy been , buttressed by other 
paid by owners continues to sections, notably cargo. Cargo l>rtcprvPC 
shrink. ‘ ^'.V- 7 fates are - under pressure and/l\.C»3V-l tC5 • 

The few ^gHmine/p pf light the : market;, has taken sonie The Institute of London 
that do sb o^v titrough are.faint knocks rfroin shore losses. ; " /" Underwriters stressed that this 
indeed. 'Although !t bad looked- Another section which usedto. was an important development 
last year . that the totai^tonnage- jjg seen as supporting the hidi ng. marine market, but to 
lost- might eieeed J976;s record account was disbursements, ob^r-meet the' ever-incr easin g value 
figure, ' the acthal . result was freight insurances, which some; Qf insorance depended on future 
marginally dovrii oi 1976L ; : --C; owners have now ceased to underwriting profit ability 
•• Some 203 shd^sZ -compared insure, _ ■ . . .' " Only by retaining part of any 

wiih 208,- were Iostjaii aggregate ^ . ^The problems of rates . have underwriting profit to build up 

reserves for the future can 
underwriters hope to have suffi- 


>'* 4- • - 

American Ltd 'j 

iGroup . . .* ‘ . / , 

" ;.-i 1' % V v:‘- ’ -7" : - j’i ■ •- 

cient funds to enable them to 
-provide the increased capacity 
required,’* said the Institute. 

■ Market forces-are now having 
an effect on the traditional dis- 
raplines and - relationships- that 
existed between agents and in- 
surers in the placing and insur- 
ing of ;huH risks; The brokers 
are pulled in' two directions. On 
the one hand it Is in their long- 
;tefm interests to operate in a 
stable market with adequate 
rates offered by competent in- 
surers. On the Other they must 
iioek .to the best interests of 
their clients whose own viability 
; ts suspect in current market con- 
ations.-. This is the source of 
{.much controversy. 

: - But . the . essential difficulty is 
that' of -trying to get -across to 
the shipowner that the percent- 
jjage he pays out for insurance 
cover is a very, tiny proportion 
^ the total value of the cover. 
u Looked at from the hull under* 
writer's viewpoint, these pe^ 
eentages are, under current con- 
ditions, nearly always pitched at 
too low a level, and no insurer 
.will nowadays -admit to the ex- 
pectation of -a profitable outturn 
to his huff portfolio when aH the 
[future claims have been settled 
at the inflated cost anticipated. 
"Why then dp not underwriters 
charge the right premiums? “We 
all know the answer— competi- 
tion.**- explained one marine 
man ;- 1 '• ' 

John Moore 

Specialists in all types of Marine Cargo, Hull, 
Yacht and Aviation Insurance with a worldwide 
network of associated companies. 

Lloyds Chambers, 

S/13 Crutched Friars, 
London EC3N 2)S. 
Telephone 01-709 0575 
Telex 884633 



Financial Tnnes^^j ,^ A - ; . 

Spread of wor 

IrU-jE AND aviation are two At Lloyd's in recent years a result a number of insurers in 

sps of insurance business there has been an influx of new different parts of the world have market 
. i n »<>rna. members. While they have been taken ,the current situation as growing 

l ich are s y welcomed by non-marine syndi- an opportunity to establish insurer 

: iaJ - while for presume cateSi it not been so easy themselves -in the market, insurer 

Apart from the old-established end nf the scale, where there about $50m for the launch of a tectionist attitude towards in- 

arket in London, there is a is still a shortage of capacity, satellite, the London market is surance, sometimes insist *?® T kh 2,.«”. «t-a lowtoi rateVwfflti 

there has been an influx or new different parts or tne worm nave uwmi ~ " 1 tt. - JhUT ■ Tr ; - T22T nmst. be chance" at a tower. uw-vna.-* 

members. While they have been taken the current situation as growing capacity from fringe “L*2? «sui*Me. ***** '? ..““P?, the balance oftherisk. Leading-.) 

welcomed by non-marine syndi- an opportunity to establish insurers, and from overseas httle business. A1 thou gh th ere ^ n h r . ^PPo^ from fee revered by British insurersTuwe expressed . 

- JT , 7 : welcomed by non-marine syndi- an opportunity to establish insurers, and from overseas .nieww.wj.Ai ununmn mm »ume support trpm fee revered by nanonai^--^ J^tish insBre r 52 uwe expired 

; ;ial. While for prestige cates jt ta J not been so easv themselves in the market, insurers or their subsidiaries has been a certain amount of Continent. So far very little has tins, is not as drastic as . it 

* .sons the national insurers of fQr ' them t0 spread their by cu , tling premium which have set itp in London, competition from the U.S. and been written in the US. . sounds. Usually such - mar KBtS SU*pw** W . tgome : 

, mtries may write their own QVer other mar k et5 . rates . no doubt their view is Their reason for coming to elsewhere hi connection with Throughout the world London retain, only a small part ot are “jfjrlai insnrerfi-rwith ‘ -whom . 

i rine and aviation fleets, in Underwz1ring ageals have that wiile -this exercise may not London has been Lo write on offshore risks, in the main the is looked upon as the leading risk, and .the balance*^ BO t place any of W 

) r,ne ana , aviauon neeis. «« Undemriri ageals have that wiile -this exercise may not London has been lo write on onshore tisks, m ine main me is lookea upon as the leading risk, and .tne bwd« » .IT VIT WOBJ a not - place W oX =.• 
f ny cases ^calmarlwts do not f marine market fee prove profitable in pure under- a direct basis the international London market is very much market for both marine and. insured in London and else- J?ey reinsurance it* view Of fliers 

.■e sufficient capacity tnreiam difficult for placing new writing terms there is the «nw bus-irvess a variable in London the leadung market for that kind aviation insurance. Other in- where. That is. partly why J^e securit ~ - j.l-V 

• whole of the risk, which is ‘ — * »cni» „ n „ m hor sibiHtv of matins worthwhile rather than rely on seeing it of business. surers, anxious to write a larger proportion of - reinsurance- doun _ - ; 

■ whole of the risx. w men is « me> ,» ^ sare sulta number sibih'ty of making worthwhile rather than rely on seeing it of business. 

- t r r; he international ^ new “names” have unallo- profits on the investment side, as reinsurance. 

SSKf«L2L“SSiattoa p . a American HuU Insurance DefeHSIVC 

i.iirance is that a sterna. «« extent they are opera** been - igrm * P— , » • Syndicate in New Yorfc wrriin 

•it ranee is mai « ~ n wait ^ nd ^e basis, so that, establish -themselves. for V Iar«e number of American 3n the aviation market there London me is the result of future. parts ox me iwa 

: can build up a reputation for dM din „ on circumstances in „ r _„° mmM niPs has mu has been most competition for years of experience and- know- An aspect which is taking, on. ably require 

pertiM. o«r U» y«m ill* on l>“« insimiKW. Here many ledge »/ worldwide- renditions, iecreasijg sigmliranpe ’ ia recdom They . ■ 

ndon market has been ^ts to best advantage Under- leading underwriters in the When shipowners and airlines- security. . If there are tough prepareff. to place sudi b«raB^. 

nJlTafnsfintc? standably a oTidlcate under- It is easy to talk about the ^ nlewriting b jud^nenf ^ 1 " London market have adopted an leave the London market for, times fahead* for marine and through a 

ich wider spread of mk inter fegls that his firsT - London market" as if it were w b«n^ Trroled toT« bu4 ewntially defensive attitude in cheaper cover,, ■whether, this is aviation insurers, security vnii broker tain 

tionally than other markets. u ^ is t o his “old” a single entity. Admittedly, on e i P s <SJL- e Jather than Uieir underwriting. aiming being offered on the Continent, be particularly . important, business, whettier ^wJti or. r^ : . 

d thus has been ab!e to take ^ ^ he ^ to take im ^ nt matters tbere ma y "XTitcmSder^d »**** retain business, in the Far East 0 r elsewhere, Some brokers are pointing out insurance,. A^a result th^^. 

broader view of h business. .. .. uiriess there not be very much difference of ^L Jirn ^T,„ d There has been much less- com- they know that,- should they run to their clients that, while pressure on brokep ^ 

ie drawback is that when busi- . uneconomac premium rates. intn Hiffipnitv nan pnmD ...... k n nhHinprf more ' VttieinPfiR With SllCh COlBPi Ullffi 

Vus.ln.ur uihaV h*vc HUH liusui SiiLCS, UCIC UlttXlJ ‘-"o'- (.uuiuuvus. UlCXeaSing sigUAUliiH-c , * _ "T \ ■ -»..v ; 

leading underwriters in the When shipowners and airlines- security. If there are tough prepared to place sudi busiB^ 

n^?.nd^r5Hnc b London market have adopted an leave the London market for. times ahead' for marine and through a broker ; ; 

of underwnting judgment. It PSSCQt i a |i y defensive attitude in cheaper cover,, whether this is aviation insurers, security will broker can pravHte mWaiS&- 

has been prepared to let busi- 

underwriting, aiming being offered on the Continent, be particularly . important business, whether dirert- or- re- : 

ie drawback is that when busi- 

ss is international there are 

names ui 

premium view between leading under- 

income for them without a writers for syndicates at Lloyd’s 

leconomac premium rates. petition for liability business, into difficulty, ..^hey can come cover may be obtained more ■ business with siui eontpafliefe _ 

The severe competition, and and products liability for manu- back to Lon don, .because, what-, cheaply outside traditional which in other ffircuinsrances - 

enty of competitors. resulting decline in the amount a nd those writing for traditional thus the loss of business by facturers is still very much a ever may happen; the London markets, the security will not they might have dioseii not to* _ 

In recent years the capacity availab ] e for “old” names. British marine insurance com- traditional markets has been London risk. market will always be there.. be so good. It is then for the : 

the worid insurance market Aloosside the over-capacity in parties. Nevertheless, within confined mainly to “ bread and In the field of satellite insur- While many- developing. cUent to deride ;■ some choose^ . • J^hn Raialflg., 

expanded more rapuuy man ^ jnsuraoce market, a massive that group of experienced butter” business. At the top ances, where world capacity is countries are adopting a pro- pay a higher premium for first- . . ,r> V.i -!V 

, _ Koan aclrori In IDS HHSUranre HHifcBl. a UKSaaive tnat Bruuv Wl t-SJCUtutcu - — — — — - — «* H'"' A-aj » r*“ — - - - . - r •■■:• • -tj-.. 3 

eSaS SSi been ^ ^P*“* » underwriters tbere have been . ■ ^ 

. , number nf and many vessels at sea insured differing views about writing . - • -: S : 

' ays^Inevitably, after some relatively Jo w figures. An- individuiri fleete. Some under- . Q • -f ‘ ' ■ . . -j. • . \ ■ T . \ * A 

■ofitable years existing insurers o^er difficulty has teen the writers have felt it best not ^ /'X - 4 ^ /^V -■ -» " I 'l O 1^*1 I “f | ' '\ T ' V- 

ant to write more of the changing patterns in shipping, to write business at potentially /l A J J *J Tl f \T| TlT I ll : 1 I Ifl ~ I ■ I W I 1 I I I I \l 

SJ“. appTareto be wUireUtively fewl ar ge ve 5 sels gnomic levels, where,. V ldllUll UIUUUL/1 llClUlllt J . 

-ofitable. and many new ineffectively replacing a much others have been prepared to -t T JT ’. . , . . . 

irers enter the market higher number of small vessels, write the risks for premium :. 

irtly with a view to earning "World airlines have had prob- income, also taking the view ' . n.-' —-' 

■ng-term profits, but also lems. although Lt looks as fh a t to renew at what may be INCREASINGLY the world's inevitably from time to time whose cq ui pin ent was involved the prospect is horrifying and it Qiat P°y_ er _ T f° r - 

2 cause they feel that they though many may* be emerging uneconomic premium rates now a j r ij neSi am j mo re particularly throw up faults in equipment — in an accident themselves suing, cannot be ruled out of any air- miliKMi aoLLars, ppunraj, _ 

tould be represented in those ^ mn> a difficult period. at least should ensure the oppor- ^j e world's aircraft and compo- in design, in installation or in the alleged offending manufac- line’s thinking, or of the znanu- is adequate. By mfr Srajyyr qg. « 

larkets. even though it may Naturally premium costs have tunity to write the business nent and equipment manufac- performance — that probably turer of the faulty jtem: Whfch- facturers. of all the parts that go some recent 

ike years to build up profit- been of considerable importance when there is an upturn in fu rers are 

for shipowners and airlines. As rating. 

n^u^uJCUL UldliUldl.- [Jgiiuj iuauv« iii«i pi uuauij (.iucl ui uig iouiij fibui, ti uiv^T ui «ui w*'- r" — " — v 7 . . ' . v 1 n ■ J * 

e -protecting them- even the original designers and ever way it is looked at, the to make iip a modern airliner, it is aot BsaASas 

inst possible litiga- manufacturers of the items in likely outcome is a bill for for the outcome in damages insurance brokers are a«e to 

EST 1903 




Plantation House, Boot! Lane, London EC3 ) ih. 623 2791 
Dunster House, 17-19 Mark Lane, London EC3 f 


Birmingham, Bristol. Glasgow, Leeds, Liverpool and Manchester 
A Member of the NORWICH WINTERTHUR Group of Companies 

selves against possible litiga- manufacturers of the items in likely outcome Is a bill for for the outcome in damages insurance Droam own: «» 
tian and substantial damages question could not possibly have many millions of dollars, if not could be so great as to cripple advise on. ^4^, - 

for any failure involving their foreseen. That does not pounds. For with the rising any airline or manufacturer not Another factor which is of 

products by taking out what is save them, as some com- costs of today’s equipment, and covered by product liability as critical importance .ivJD ensure 

called "product liability insur- panies have found to with the rising levels of insur-. well" ' as hull and passenger that fuH anff. complete records 

ance." In simple terms this their cost, from litigation by ance on individuals’ lives, . ther insurance. are kept of every stage of inanu- 

means taking cover to ensure passengers who have suffered bills for damages themselves are The importance of product facture of every item, because 

that if in any accident or equip- injury or mere inconvenience, escalating. liability insurance in particular vet y nfiten the ability to prove 

meat failure their products are or from relatives of those who is vital for any airline or manu- that, an item .was , thoroughly, ~ 

found to have been in any way may have been killed. (nnlllQinn - facturer whose products or tested ^ inspected-*! eyery. 

responsible, however remotely, Sometimes, moreover,' those ^-■vMkaaivaa operations are likely to involve stage pah mean the difference^ 

they are cushioned against accident investigations can pin- The Turkish Airlines^ DCrlO.^ 16 ? 1 “ Operations in the ys.,_ between winning or losing In.aJ 

claims being brought against point with absolute precision crash close to Paris some years or in carrying Tl.b. citizens, for court, battle .over a dainL.Tfiis... 

them in the courts — and especi- the cause of a particular acci- ago has already resulted in a jurisdiction of the u.o. would", appear to be mere ■. . 
ally the U.S. courts where the dent, indicating the specific item pay-out running into hundreds, courts in such matters ns ^ ,ae " commonsense, but it is not diffi-V 
tendency is for such claims of equipment that is held to of millions of dollars, and there — -it has been pointed out cu jt. insurance, hnricers. , 

to be more frequent and the have been the root cause of per- are other similar substantial that "every international ai rime w jj 0 ^ ^ jtunes qf, -climris.' 
assessed damages much higher, haps a chain of events result- insurance and legal liability ana most domestic airlines trom w ho have not tethered, to -tike- 1 
For the trend in aviation now ing in an aircraft crash and cases outstanding— fnr example C: hili e to Ice lain d are subject to elerae alary precautions. 
is for each and every accident, casualties. In such cases the rela- those arising from last year's Jurisdiction of the u.a. court. yiThat this all means as thait- 
no matter how minor and no tives of the deceased passengers, collision on the runway at evCT . Jl a ^ 1e L 1 ^v7 n J anyone venturing in any way.- 

matter what the size of the aiT- or the injured, are even more Tenerife between two Jajmbo 111 ™ e u,b ' Ieiep Into avia-tion today, whether .;, 

craft involved, to be investiga- likely to begin claims for com- jets belonging to Pan-AmeriCap b0 £ 1 ^_ i '. _ n f scheduled service public trans-^; 

ted far more thoroughly than pensation against the manufac- and KLM. ... rri L«. fnSrfnn P° rt 07 even.private-ownetrflipc: 

ever before. The objective of turers of the component in- There has yet to be a. major 3^52 whiw flying, needs to ensure thafte-' 

these investigations is purely volved. collision of two Jumbo 1* covered in every way against r 

safety— to determine the pre- The claims, moreover, are jets in mid-air over a big city , J 3 ™* * **** * the contingencies that ex- 
cise cause of any accident, unlikely to be small, and not with the wreckage falling on to ; «®^Uy claimfn heavy dam 

especially those involving pas- necessarily confined to pas- business and residential proper- JgJL L ” 1 ^’ h .„ d Tor the airlines; with wide- ; 

senger fatalities and even more sengers and crew. It is not un- ties below, causing, perhaps, suh Pnnw , rn -, ne n lC h diverse tedied jets costing anything -’up f 
so those involving such fatalities usua ^ to &nd other companies stantial further damage. - Bu V matters as Japanese citizens to' 590m" or mbfi!''atid ferrying-’ 

■ v» rAk.-tdnlarl mtkliA *Lir fra n * _ ... - 4A/l! l/flt-* 

in scheduled public air transport 
so as to try to find ways of cor-, 
reeling any defects in either 
products or procedures and so 
hopefully prevent any recur- 

But such investigations must 


Is there a name for a company 
that's 61% life assurance, 32% general insurance, * 
7% mortgages, personal loans andproperty- 
and 100% keen to get to know you? 

• killed in Russia. British-made anything-tetween 100=- and 4ffr- 

^11 __ __ A components, French engines, passengers, and with superaoirie-- 

Q I I nnQT C • ■ and even a case against one air- airliners costing around $60xn,' 

kJlllCUJL line alleging that some pas- the investment in hew fleets 

sengers it had carried had later can already amount to thousands 
hijacked a flight of another air- of millions of dollars. But the 
AAIIOf* line.- volume of product liabigty: cah 

[ j 1 y J The London insurance- mar- amount to even "more. "While 

v vA ket is now highly skilled in the premiums payable on this 

answering all questions relating may appear to be substantial* ' 
MESSING ABOUT in boats has unreasonable and the under- to product liability insurance, there is no doubt that they are 
now become a major leisure writers do not seek proof ' of and can offer advice to com- only a fraction of the ldnd of., 
industry, with more people seek- experience. A badly sited moor- panies contemplating this kind damages that can be . imposed 
ing recreation sailing yachts or ing. or a boat badly tied up can of protection. But probably the upon any company, or -aLrHne , 
driving power boats or cabin be far more of a menace. prime advice, after stressing the unfortunate enough to find Itself . 

cruisers on both tidal and in- There has been a mini-boom need for such cover in today’s on the losing side in a products 
land waters. Bui while engaged in the provision of marinas increasingly expanding aviation liability claim, 
in such pastimes, there is still around the country where boats activities, Is to ensure that it is *• -.. 

the risk of damage and there- can be moored in the care of an adequate. Many airlines and: IVllCliafii UOUfte 

fore third party liability. While attendant Some marinas are companies tend still to believe Aerospace Correspondent. 
the boat is moored, there is the run extremely efficiently, others I — — - ' 

Michael Domic 

Aerospace Correspondent. 

I nnia were formed in 1960 from, 
ihe merger of two long established 
Dutch insurance companies, the oldest 
.of which was founded inlS59. 

.And, though we aren't exactly 
new, it's true to sav that the insurance. 

and holiday centres— where our 
marketing strength, expertise in 
investment analysis and property 
management can be profitably 

Life assurance accounted for 61% 

f inancial and business worlds probably of our business last year, gross receipts 

know less about us than is good for 
either them or Ennia. 

We are. in fact, one of the largest 
insurance groups in the Netherlands, in 
terms of gross receipts. 

Between 1973 and 1977 total 
receipts have risen from Dfl.90oni to 
Dfl.l,S50m, an annual average increase 

Profits have come along nicely 
}> k>: from Dfl.23'2m to Dfl. 42 -9m over 
the same period. 

We propose a dividend for 1977 
of Df 1.7-50 (1976: Dfl.6-50) per 
ordinary share of Dfl.20. 

having risen from Dfl.631m in 1973 to 
DfU,225m inl'377 

General insurance produced 32% 
of our income in J°77 and has increased 
from Dfl.242m lo Dfl-59bm in the past 
five years. Our general insurance 
interests arc divided between the 
Netherlands, the UK., other countries 
and inward reinsurance. 

Non-insurance activities have 
-grown to 7% of our business from 
Dfl.33m in 1973 to Dfl.l2Sm inl977 

Three main activities 

We operate internationally in 
three nuin areas: life assurance, general 
insurance and some non-insurance but 
related fields ■such as personal loans, 
mortgages, property development 

Gathering strength internationally 
At the moment, most of our 
revenue is generated within the 
Netherlands, a home market that 
prorides, overall, a sound and 
profitable base. 


Balanced growth, internationally: 

But our overseas business is 
developing well. 

We have offices, subsidiaries and 
affiliates in the United Kingdom, 
Belgium, the United States, the 
Caribbean, Republic of Surinam and 
the Middle East. 

They already contribute 20 % of 
our total gross receipts, and we plan to 
increase that percentage. 

Overall, Ennia have a record of 
producing sustained balanced growth 
at home and overseas to the benefit of 
both shareholders and policyholders. 

If you have an interest in the 
insurance world— from a business, 
investment or consumer point of view 
—you should have information about 
Ennia on file. 

We'll be happy to send you a 
copy of our Report and Accounts if 
you contact the Company Secretary; 
Ennia Insurance Co. (UK) Ltd- 
130 Fenchurch Street, London EC3, 

(Tel: 01-466 3111), or our head office, 
Ennia nv, ChurchilipleinLThe Hague, 
The Netherlands. Tel: (070) 72 72 72. 
Telex: 31657 

risk of theft loss and storm are regarded by the under- 
damage. Although there is no writers as virtually uninsurable. 
legal liability to insure, even The ones in between carry very 
for third party liability as is high mooring excesses. It is 
required for driving a car. it usual in any insurance contract 
would seem obvious that insuo covering boats to impose an, 
aoce is necessary in order to excess of varying size to cut 
avoid possible financial loss. down on small claims. 

The cost of a boat can he Underwriters do. however, 
measured in at least hundreds check up on the seaworthiness 
of pounds. A new small rowing of the boats being insured. As 
dinghy used for fishing offshore in motor insurance they do not 
would cost at least £300, and a check every case which is put 
new racing dinghy coufd cost up to them. It would be physic- 
£1,000 while a four-berth, ally impossible. But they do 
24-foot sailing cruiser is worth check up where the boat is some 
£4.500. years old or where the sum at 

These days, many yachts and risk is high. It is usual to get 
teats arc being equipped with a survey report from a qualified 
more highly sophisticated and inspector, 
technical equipment and gadgets Insurance for boats used for 
— sails, engines, navigational sailing on inland waters is dealt 
aids and so on. These items with on a separate policy. Ii 
are expensive and their loss provides among other covers, 
would involve the boatowner in protection against accidental 
considerable costs. incursion o£ private waters. 

Tbc main yacht insurers nn Some owners are very sensitive 
the insurance company side to boats sailing on their own 
offer a series of standard private waters. naturally 
policies which cater for almost enough, and take action against 
all classes of boats. For example, such events. The policy imposes 
Navigators and General In- restrictions against sailing on 
surance, a member of the Eaele tidal waters, unless a dual type 
Star Group, have three basic contract is effected, to no more 
contracts. The first covers than 14 days in a period. This 
private and pleasure era ft of enables boats to move from one 
16 ft or under in length, the inland waterway to another, 
second for private craft over At Lloyd's, contracts tend to 
16 ft and the third, commercial he more on an individual basis, 
craft such as passenger tripping with ratings depending not only 
boats. on types of boats but on areas 

These policies are then sub- in which the sailing takes place, 
divided iulo the main daises Higher rates are charged for 
— speed boat. s', racing dinghies, sailing in Scottish Western 
pleasure cruisers, and each has Goast waters for example, 
its own specifications. The Lloyd's operates a no claims 
policies are all-embracing in the bonus system, but the maximum 
type of diver provided — third discount is only 15 per cent 
party liability, accidental after five consecutive claim-free 
damage and loss from theft, years. With motor insurance. 
The damage may occur while discounts are usually 60 per 
the boat is being sailed or cent. 

driven or it can occur while it Contracts arc usually for T2 
is moored. And here there is months, but credit Is given if 
considerable variation in procc- the boat is laid up on land for 
dure. part of the year. This obviously 

The underwriters report that cuts down Uie chances of 
more damage is done while damage from winter storms, 
boats are at their moorings Although there is no legal 
than while they are being used compulsion to insure, must 
in the water. Although much is yacht cJubs insist that - their 
written about the danger that members have third party 
amateur sailors arc to other sea cover, usually up to £100,000, 
users.- in practice claims arc not before their members are 



UliMilcbb atontruic 111 ajuuuuii iric nui ivi liiql xuuu ^uoudojiYC. umer Jll- nucLC. ximi. is- ^ _ _-i-t co wmt V - • - . j _* ■. ~ *5* . 

rather tiban rely on seeing it of business. surers, anxious to write a larger proportion, of' reinsurance- dounnui 5 '\2 : \ f 

as reinsurance. _ „ . volume of business, can take the written by the -London -mark^ Brokers are-fin^ng - - 

m AmariMn TlpfpnClVP London rate and amend it as has been increasing and ran be relatively small^/oc aMrig:-, 

S UeTenSiVe they see fit: they know tbat the expected to increase in . the stance' cdmpahfra 

fo?alar»e number of American 3n the aviation market there London rate is the result of future. parts of fee ^ 

insurance companies.' has not has been most competition for years of experience Md-faow- . ' An aspect wUA Is ttkin?.®;. ;• 


w fflCFOKT 

More and more influential business and professional 
people are regularly taking the 


NEWSLETTERS where ‘Specialist subjects 

receive specialist attention'. 

If your business interests demand regular information 
about the worlds insurance developments, please, 
complete and forward this advertisement, and we will 
send you a tree sample copy. 


Or eanisation 


Send ro: Subscript' 01 ^ ( WIR). Financial Times 
^Bracken Huuse. v-annon Street, London EC4P 4BY. 

tes Ltd., I 

• ^ U; 



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even poun^ 
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which is of 
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tpleie recc^ 
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cied at eve-; 
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a clmm. Tns 
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t it :$ not 
seance crctes 
tries .if ciiea’i 
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today. wirEr 
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femmes 'hr. ct: 

mes, v. it'i v> 
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lyfe'a.nd rs^-J 
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kj around Sofe 
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dollars By: ft 
duel liability -xs 
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Amended clause for ships’ cargoes 

MA3-UNE ■ CARGO insurance is 
often 7 toake&tipp'Q as the “poor 
rrfation -compared with hull 
. insurkice. ^ Perfcaps this is partly 
because ; cargo - insurance fa 
written Joedte throughout the 
wbdxh &o . a. : - much greater extent 
tha^r insurance. .'While 

$mall. :> tbe potenkai for catas- 
trophe fa . evifapresent, as has 
been demonstrated in. 'recent 

yeai*^. : /l __ ’ 

Sometimes the cargo fa .worth 
considerably ~ more . than the 
y^sel .itself. . Apart from that, 
cargo is- insured- not only while 
afloat, but afao while stored in 
warehouses ^waiting shipment, 
or after -shipment Often,' 
because of ; imbalance of supply 
and demand,- considerable cot*-, 
gestion' -builds np, - with ; the 
result .tbat; there - are large 
accumulations of risk. During 
the last few years there have 
been huge fires at Julta on the 
Russlan/Turkish border and on 
the Continent, - plus serious 
flooding at Hamburg. - - 

While it might be thought that 
the large influx of materials and' 
goods to the Middle East would 
have been welcomed by both 
shipowners and insurers during 
a world trade recession, plenty 
of problems have arisen for both 
parties because of the serious 
congestion at many; ports. 

Understandably, where pos- 
sible owners of modern tonnage' 
have preferred -to employ their 

vessels to better purpose than 
waiting for months to discharge 
at. a Middle’ East port Often 
therefore it has been only the 
poorer tonnage which has been 
used for that trade. For insurers 
there have been repercussions, 
since in many cases prolonged 
storage in poor vessels has disas- 
trous effects on cargoes. 

. Concerned about the con- 
tinued use of old and some- 
times sub-standard vessels in 
the carriage of cargo, the Lon- 
don insurance market, after 
much discussion, has amended 
the Institute Classification 
Cfeude/ and also the advisory 
scale of -additional premiums 
for. cargo .carried in ships not 
of Vthe highest .standards. 

. The new clause will be effec- 
tive from July: 1- next. Its effect 
is .that the premium rates will 
apply - only where cargo 1s 
carried by a vessel Classed to 
certain specifications by listed 
classification societies, provided 
such -vessel Is not over 15 years 
of age, or, if over 15 years of 
age, fa; not- over 25 years of age 
and has. established and main- 
tained: a regular pattern of 
trading, on an advertised 
schedule to load and unload at 
specified ports. An important 
point is that chartered vessels, 
and also veasels of under 1,000 
gross tons, must be classed as 
specified, and may not be over 
15 years of 'age. 

Underwriters appreciate that 
this will not solve all their prob- 
lems. Earlier in the year Mr 
F. H. Hunter, the retiring chair- 
man of The Liverpool Unde- 
writers’ Association, said “the 
badly managed, insufficiently 
manned, but comparatively 
modern and perhaps fully 
classed vessel will probably 
escape the net.” 


One of the problems facing 
insurers is that the almost 
universal use of open policies 
or contracts for cargo business 
(whereby cover is automatically 
provided and shipments are 
simply declared to insurers) 
means that the identity of the 
carrying vessel is often un- 
known to the shipper or under- 
writer until the risk is almost 
past— if it ever comes to 

Insurers are, therefore, 
urging their insured shippers to 
recognise and shun poor quality 
tonnage, although they appre- 
ciate that the lower freight 
rates offered by such tonnage 
can have attractions. “Action 
on these lines.” said Mr. Hunter- 
“ combined with more severe 
penalties for over-age vessels 
and hazardous commodities, 
holds the main hope of remedy- 
ing a very dangerous situation 
for underwriters." 

Certainly it fa expected that 

the new clause and advisory 
schedule of additional pre- 
miums will receive substantial 
support from many overseas 
insurance markets, in addition 
to the British market. In some 
underwriting quarters it has 
been felt that the modifications 
have not been sufficiently far- 
reaching, and there has been 
comparatively little criticism on 
the grounds that the changes 
are too radical. 

Another problem which has 
been concerning British in- 
surers and other world markets 
has resulted to some extent 
from the financial plight of 
shipowners and charterers, 
coupled with discharge delays 
at some ports which have been 
badly affected by congestion. 
The delay has resulted in 
liability for demurrage being 
incurred by charterers, who 
have not always been able to 
meet it. In this situation- a 
shipowner may order the ship 
to some other port where per- 
mission is obtained from the 
local authority to discharge the 
cargo and sell it, so as to recoup 
the money owed. On many 
occasions, the whole procednre 
has been completed before the 
cargo owner, and his insurers, 
have been aware of the 

A few weeks ago Mr. Keith 
Williams, chairman of the Insti- 
tute of London Underwriters, 
reported that a considerable 

□umber of such cases (but by 
no meaDs alii involved Greek 
vessels which put back to small 
Greek ports. A delegation from 
the London market visited 
Greece to discuss the situation 
with Greek Ministries. They 
promised their assistance in try- 
ing 1 to eradicate the practice so 
far as it affected Greece. 

Over the years there have 
been plenty of efforts towards 
simplifying documentation. In 
some cases underwriters have 
been criticised for insisting on 
certain details. Their point is 
simply that, to evaluate risks, 
they must have information: 
only with that information can 
equitable rates of premium be 

Some years ago the idea of 
an insured bill of lading never 
really got off the ground. Large 
shippers wirh good claims ex- 
perience could arrange their in- 
surances more cheaply in the 
market. Nevertheless. the 
search for simplification con- 

tinues. Often with the idea of 
shifting the responsibility for 

Earlier in the year, at a four- 
week international conference 
in Hamburg, a convention on 
the Carriage of Goods by Sea 
was formally adopted, the rules 
to be known as the Hamburg 
Rules. One of the main features 
from the insurance point of 
view is that the rules take away 
the carrier's exemption from 
liability for nautical fault, un- 
less proof can be provided that 
ail reasonable measures were 
taken to avoid the occurrence 
and its consequences. The 
exemption from liability for 
fire can be removed, although 
the onus of proof is then on the 
claimant to establish that the 
fire arose from fault or Deglect 
of the carrier or his servants, 
and similar failure to take all 
reasonable measures to prevent 

Among the other changes are 
a more extensive period of 

liability for the carrier, and in 
some circumstances a liability 
for delay in delivery of cargo. 
Nevertheless the monetary limit 
of liability is comparatively 

Considerable opposition to 
changing the liability pattern 
was mounted by insurers, who 
said that it was preferable for 
shippers to make their own 
arrangements for insurance and 
to be able to secure credit for 
good claims experience brought 
about by good packing, etc. It 
remains to be seen whether all 
or even most major maritime 
countries will ratify the new 
Convention: in any event it is 
unlikely to become .effective for 
several years. 

If it does come into operation, 
while it will put more liability' 
on the carrier it will not 
eliminate the need for conven- 
tional cargo insurance. For 
parts of the overall transit (e.g. 
land transit prior to, and sub- 
sequent to the end of the sea 

voyage) the sea carrier wi 
have no liability. Insurance 
also likely to be needed in vie* 
of the carrier's right to lim. 

One leading underwriter ha 
taken the view that in the earl 
years shipowners may try t 
avoid liability by every mean 
— even if only to test th 
reactions of cargo owners an 
to establish legally the meanin. 
of such expressions as ‘Teasoc 
able . measures to avoid occur 
rence.” etc. Since that wil 
delay settlement of liability 
compensation, cargo owners vffil 
look to their own insurers fo: 
prompt claims settlements. I 
has even been suggested lha : 
such uncertainties could in 
crease the overall costs oi 
maritime insurance and ship 
owners' liability cover — with 
the cost of the latter reflected 
In the freight rates charged by 

John Gaselee 

Keen aircraft margins 

F HifltfT tftf BATES in; the avia- balloons, in addition to personal pared with the sheer volume of Meanwhile, some under- 
tiqn insurance market have cop- accident cover for all who fly. civil air transport aircraft move- writers are looking at new tech- 
tinued to move -downwards m-' But the London market fa now meats, which now amount to nological developments in aero- 
recent months a* a'result of the encountering a big increase in more' than 10m separate flights space, to discover whether 
intensifying ■' worldwide cqm^'the number oficompetitors seek- every year. What gives cause there are any opportunities in 
petition for: business, and there : ing aviation insurance bu siness for concern about any given them for boosting insurance 
is no. sign of an improvement worldwide.- . The attractions accident is that- the number of business. One area that is sbow- 
in th e near ‘ future. be the high levels of passengers tends to become ing promise is the satellite 
the 'London market, has tried to premium available (where one larger, because of the increasing field, where an increasing num- 
increa^e rate#. It has tended to Jumbo jet can cost vtp to -$50m size of the aircraft and conse- ber of satellites fa being deve- 
lose business to other markets, and there are several in any one quently the bigger loads they loped and launched for a wide 
notably the US. and the Con- airline’s fleet^ 'the premiums can carry, while hull values variety of functions, such as 
tihent But? the view of the .payable can be considerable — themselves also continue to rise, telecommunications, weather 
market is that' premium .rates but without 'apy comparable This could lead to some public forecasting and earth resources 
aremow fitted, down to such an significant understanding by the opposition to the manufacture monitoring. Space has now 
extent .that they. only allow for newcomers of the problems, and of bigger individual aircraft — moved out of the early devclop- 

ordinary losses, and provide the possible hazards. At one the idea of the 1.000-seater merit era, and the satellite is 

tittle or no : marg in for . any stage undoubtedly some good Jumbo jet first mooted some becoming a useful tool of mao 

major .catastro phe.^ • profits were made .in aviation years ago, now seems to have kind in its own right 

The - ' latest ; statistics from insurance, but the poor years died. But there are already air- But satellites are expensive. 
Lloyd's show that for the 1974 have. recentiy outnumbered the lines throughout the world regn- ros tin«" a s much as $18m for a 
account^ last JfcU ; account good. -! -v-T . s' J.rly packing between 400 and 

for-Vbidk a^.premlnq*.xpcam^.; « . .f* ... .,,.500’ passengers a tune mto satellite of the Intelsat TV 

'Jumbo -jets, and the insurance for example. The risks 

on flights ' Mh involved in launching them into 

irttew firJaP passenger. * substan- orWtf ^ reduced over the 

nemmtrs jhaaafteeir something: TO l years as knowledge of the tech- 

or> scramble for business almost certain, however, n0 ] 0 gy involved has improved. 

remain sub5tantial - 

will rise in 

They are therefore ideal 
as the 

has . been rising steadily, i^ *™**^* ^ nmnber of ^ candidates for Insurance, as the 

about SKJiatin 1909, but this ha* syndicates have found that & the European Space Agency proved 

^ Staluled ^lines with .J - ' wh4n it colfec^d *e insurance 

of factors - the general Wr which -they have dealt tor years ZStSium-Se sm ors 0TJ its first 0rbital Test Sate ' lile 
S iSon ^hidi S^Tp haye moved away to othez* wil, S- which was destroyed within 

aircraft huHvalues,- Change* in ate tocreased demand for In stir- seconds of being launched from 

line, fleets whose -insurance 
earn ed.'in-' Lon d on. ;: 1 : v . 

JffSy* 15?“ “ for insurance which some under- 

*** today, forcing them writers in London are ready to 
ing, and ther wprfd . aviation in- n(W minm flow 11 to what many believe are meet 

gnranfe. jnai^etr.h^s shared af^acting t^ .n^ ^ ^ unrealfatically low levels, and So f3r the London market 

some- severe kno^fa in recent whether there Is a continued ira- appears to be out in front with 

yearay^Ae:pG-10-Turiusli-;^r-.Afrfjfrw*JJinnpo thnoe y ^ provement In the safety curve, this kind of business, demon- 
lines crash outside ® ^ Which in turn will dictate the strating once again its inherent 

example; ■ and last yCTris leotiy nump^: o f pgopii e tr nf volume of claims. Many of the flexibility and its readiness to 

sKra.on'thbMway^at Tenerite underwriters and brokers be innovative. It is not likely 

between Jumbo jots; owned : by about Sper handling aviation 

insurance to be Jong, however, before 

KLM and jE^nJAmuIThe y . naye ia™^ J«rld“‘sehtrfated husuie® today only stay in it others move in where London 

made heavy caffs portbeLotidon yrecora - o f xfre wortdsc ea they believe that better has pioneered, and rates in this 

market, 'Twrtrhave been be- «lr transpon mousiry^ ^eg vill come eventually, but business could also come under 

cause : ^fhe-- -tfaks; ' were* v weff termsof SQme bave withdrawn from this pressure. 


fatalities type of 'business in recent 

The 'tondim market months. 

Uoyd’s. jinderwriters, , . 

and t^ «dationJifaifraiice<om* 1^. e todustiy to the safety 

panles^-" provides 'cover, for- all * .■„ rrar , _* 

aviarion activities^ not only for biggest volume of 

SSSteMt 931 1416 

senger& and cargo.'but-also ftfa tmi sport is directd 

mant&torors, .}- -. oae torm or anolh^, 

rlirost : =» d ^Wle it is undeniable ; tiwt 

Michael Donne 

Small boats 


burgle boats 

ports," : private-, timers'- :■ 'when com-^ ^ allowed to race or perhaps even a marina and 

powered ^- alrcraft ,<-gtiders and ’Occur, they, ar e . , • . ;sail. Many marinas insist on furthest away from the land- 

haying necessary insurance ward side, and therefore 

cover as a condition of using farthest away from security, 

the marina. So there is an The yacht and pleasure boat 
'active market in yacht and account is not normally a highly 
^pleasure boat Insurance. profitable one. It is expensive 

• ^Insurers have experienced a to run, since it has to be under- 
'•dtificult whiter with the severe written more or less separately, 
storms In January. Damage This fa a time-consuming pro- 
tame In two main forms— the cess. In addition, handling of 
boats ’battered at their moor- claims can be tricky, because 
iitgs and even, being torn off unlike motor insurance, there is 
"their moorings and cast ashore rarely a policemen's report or 
or against- the- marina wall. The standard procedures for assess- 
other type' is boats flooded at ing damage and repairs. Most 
their moorings. Since the boats insurance companies dabble in 
kre unattended, a severe storm this type of business, and there 
means, that water gets into the fa considerable rate-cutting in 
boats from successive waves, the market The converse of this 
the covers are torn off and the is that it pays yachtsmen or 
wafer .fa, not baled out The power-boat owners to shop 
boat’s hull may' survive intact, around. 

but the fittings are likely to be Now that the years of 
damaged. However, although it austerity appear to be coming 
was a poor winter for claims, it to and there are. signs of 
fa not regarded , as catastrophic an upsurge in sailing and power- 
by underwriters. boat use. The insurers will 

; Losses from theft are a major always provide this type of ser- 
source- .-of worry to under- vice because there is a need, but 
writers. There is a ready made because it only accounts for a 
market, for second hand items small part of the marine port- 
of equipment, fuelled by the folio there is never strong prp^ 
high cost of new Items. Boats sure for it to be particularly 
are.’ left unattended for -long viable, 
periods and security in many _ Here is an example of the 
cases is virtually non-existent, cost of insuring. An Enterprise 
It. is : eaay to break in. dinghy, valued at £14250 with 

, Cases of theft are reported cover to include racing and 
even - from marinas where transit to and from the sea with 
i-securlty Is first class. It is easy an excess of £15. would cost 
to. prevent access from land, but about £530 a year to insure. Not 
•approach ’from the sea could be much for peace of mind, 
a different matter. It is not -p . c , , 

unknown for thieves to row into £/nc on on 

/ ■palaat.’HAR^ st. \ , t ^ 

; ‘ ‘ - * 1 •“ - ' . Aftrmn - OQWW ' . - ” 

•TKT: : 207BQ - 2850S 
' V :K P oi 'BOX i 2012 - - 

.^"E vj PT ‘ 

/ " ' ^ ^formation; contact : i . 

^ ^ ^’^i^ .iafernadonal ;(JLo^k>n) Ltd 

: *■’ l.-v S^feet ; •; > ^ ^. v 

‘ Boland 

jj^ {■„, IV * 


^ I - V vtt/llilV t f (ltl 4* _ ./■ / J- to./n/M orfhollatP*' 

'Am i 


This Marine Policy 



Royal Exchange 

Head Office: Royal Ex change, Lon don EC3V 3LS. 


One ofthe world’s greatinsurance companies. 

Ttie name 
that’ll recognised 
for aviation insurance 
artund the world 

J. R Minet & Co. Ltd., Aviation Division, Minet House, 66 Prescot Street, London EX 8BU 





To lead a major operating Company ■anti 1,500 employees 
in tlirce locations -and a growing turnover of J620m -which 
is port of a long established and highly regarded British group 
with extensive and expanding interests at home and overseas. 
The Company has a dominant market position in serving major 
national retail chains-in domestic and export markets -with, 
a broad range of specialised food products. Growth and market- 
penetration -wilt continue from technical efficiency and 
financial strength. 

The key tasks are to improve profitability by efficient 
direction of the total cost lino and to support profitable growth. 
Tempo is exacting, performance standards stringent, and success 
relates to delivery on time, to quality, and to cost. Accountability 
is to the Chairman. 

A record of sustained career progress is sought in the 
direction and management in manufacturing, distribution, 
development, personae L administ ration, and financial control 
witliin successful food or related manufacturing companies. 
Equal emphasis will be placed on the record of cost line 
management success and progressive achievement in man 
management and the utilisation and development of human 


Managing Director 


building products 

NEW MANAGWGfl^ 01 pjTJ dtjaorw sad IwaDang.Wyewity 
PILK1NGTON BROTHERS; ’ M6tSgM|hi ; "Since -135?- \ 

Glass. Europe Div Won 

ClCdwyn-DavtoR. He aycceeos - • Harrtsoa faJutbdwi 


for the expanding British subsidiary of a nmlri-milKon pocracl 
Dutch group. 

• tnt ttat. empliasis on product and sales development will be 
followed by a broader responsibility leading, it is planned’ to the 
managing directorship when the present chief executive retires. 

designate, w “AS etot Lancaster Is aow : san^ 

the present as technical director. . 

Mr.' Wte Iftajliy-Ts: 

PEAT, MARWICK, JflTCHE ri general sales man agcr-whe^Mc. - - 

and COMPANY announce tnat BQ1 Kudd retires at th*-,enaof 
from October V Mr. B. i* 1 this year.' ", " * ; :■ . - ; 

Mr. S. H. fagalt Mr* R- ^ ^ 

and BDss P. W. Triggs will he m*-. j. Myles ha^become chair- 
admitted as partners in tho man of ANDREWS.' MACL ARKfl 
London office odjt \v „ and cxmtmues^mapatfms toeo? 
Seaman will be admitted as a jffr. A-' Nash has been 

partner to the Sheffield omce. appoJnte d deputy man agi n g direc- 
From the same date at Feari tor- 

Marwidfe, MitcheU and ComPW - 

Management- Consultancy Mr L R Macdonald has been 

Castro, Mr. B. J- T. Ottfc Wr. J- *-■ appointed managing tLtoeclor and 
Jordan and Mr. I* Zurich wui oe g. Hides, Mr. D. X Sounder* 

admitted as partners. . ^ ajr. G. J. Trewv executive 

* directors of STENXlE;*^bsidiary 
Following the appointment of 0 f a. R- Stenhoiu*- Reed Sb^ 

Mr Michael' Vivian, previously and Partners. Mr- r. J. BeflieO 

group director, safety service&as been made mauagutg drartor 
rnyTL AVTA'AoN AUTHORITY 0 f member, company, Sir WUHim 
deputy chairman, changes have Garthwaite (BtemsaxgaceHv' . 
been made in the Safety Servi^a 

Group Mr. Geoffrey Cawaffot, pre- Dr. Brian general 

yiously - director-general opera* manager of the t^daot mota 
tions. has been appointed group refinery of INCO EUROPE, -has 
director safety services with over- been appointed a director of the 
all responsibility for both, opar- company., 
atlonal safety and airworthiness * - 

functions. Mr. Roy Worthing, P«; Mr. Eric Parker, group jnanagi 
viously deputy director-general w, director, Trafalgar House.has 
operations, succeeds as director- joined the board of BR Shipping 
general operations. Mr. n< an d International Serviced division 
Walker, previously director oi of BRITISH RAIL for. three - years, 
ftightcrew licensing succeeds as * - 

deputy director-general opera- Mr _ y/ m t. F. Austin lias been 
tions. aopointed president of the CON- 

* CRETE SOCIETY for 1978-79, 
Hr. Peter Saunders, a director succeeding Mr. Bryan Jefferson. 

of Associated Newspapers Group. 

has been appointed to the Board Mr. Conrad Martin, has just 
of SOUTHERN TELEVISION. Mr. been appointed to. the Board'd! 
Veto Harmsworth hap resigned. TAUNTON CIDER as sales dlrec- 

* tor. • - . 

• A successful record of marketing related to improved sales 
performance is required, allied to evidence of numerate drill;;, 
A graduate who speaks French or German would have an 
advantage. . L 

o salary: around £9,000 plus a car. Preferred age: mid 3 as. 
Location: London. 

Challenge, scope, and opportunity in this appointment wDl 
be attractive to thuse with progressive and professionai 
management competence who seek to direct the dynamics 
and the performance of a complex business. 

Age: probably late 30s. Salary will be for negotiation in 
five figures with attractive conditions of service and car 
provided. Location: rural South Wales. 

Letters from suitably qualified men or women, should include 
a detailed curriculum vitae including salary progression to date 
which will 6c handled in confidence by Dr A G Roach. 

Write in complete confidence 
to N. C. Humphreys as adviser to the company. 











„VX«U-.VL; j _ & 

: 7 • ftp W 

» chair-- j|i* 

# tri 



with general experience on con- 
tracts and particularly banking 

UP TO £10,000 RA. 

Sir John Terry, managing _ * . . • 

director of the National Film Mr. George Garby, formerly 
Finance Corporation, who will general sales manager for the 
shortly be reaching retirement Foxboro Company in Canada; nas 
age. wiH continue as managing ^nMgSgwd dhw^r vt rate* 




Bachelors preferred. 
Write with C.V. to 
P.O. BOX 2578 

V A YT • N 

Opportunity in 
Business Management 

Head of 


An opportunity to join an expanding major 
financial institution is presented by thts 
vacancy for a Chartered or Certified 
Accountant who has had experience at a 
senior level In a comparable organisation and 
is skilled in managing and developing staff. * 
Reporting to the general manager responsible 
for the function, the successful man or woman, 
(who wifi probably be between 35 and 45) 
will be in full charge of all accounting and 
should have practical knowledge of 
computers and related systems. The work is 
demanding and often carried out under 
considerable pressure. 

The salary on appointment will be up to 
£1 0,000 p.a. a nd other benefits include 
generous assistance with housing finance 
and a first class contributory pension scheme. 
Please writs with fulf career details i nc I u d i ng 
salaries to S. Crosbie, B .Com., F.C. A., General' 
Manager (Finance), marking ’’ 
the envelope “CA- 

director until December 31. 



for FOXBORO EUROPE- He takes 
over from Mr. Aime Fox, vrfio re- 
mains with Foxboro Europe in 

HAWKINS and iirovrt a n ewly created post of- director of 

announce that Mr. A. K. u. b- marketing services and distr&u- 
Cooke has been appointed a non- raaTKenng services ana <w,uwu- 

executive director. Mr. Cooke is a + 

director of EUennM Lines and of m j Cndwerlh is to become 
several of their subsidiary com- ^vestment secretary of "tE*. 

. „ . -PANY from July 1 on the retire- 

Sir Richard Smeelon wUl be ment of Mr . r. elowes. 
retiring from the SOLIETV OF * ' . . 

BRmSH AEROSPACE COM- Mr> ^ R Prfley has Joined 
PANIES on January 3], 1979. He ^mjJAAM COX as divisiotal 
will be succeeded as director by rfi-optor 0 r fts PDI elastics -dls* 
Afr-Marsbal Sir Charles Pringle, gggj" °diJSo^! Bb™ 

senior executive. RoHs-Royce. who svMl stockUne Plastics. 

will be leaving the company at the 
end of the year. 


Mr. K. A. Williams has resigned 
as managing director of -HOUBI- 

Mr. Cedric Brand, managing GANT, in the UK 

director of Tilbury Contracting 
Group,, has relinquished his posi- 

Mr. P. M. Bunce. .Mr. J. JSaat 

The North of England Open Air Museum is being 
developed in 200 acres of parkland and requires a Business 
Manager to take over and develop commercial and financial 
aspects of its operation. 

The Manager will be expected to join an informal and 
deeply committed team of professionals working to make a 
significant contribution to the development of the Museum 
as an international tourist attraction maintaining the 
regional heritage. 

The Business Manager should have a sound business 
background preferably with a financial bias. A management 
or financial qualification is desirable. 

This post, reporting to the Chief Accountant, the senior 
financial executive in the U.K.. has been created as a 
result of rapid growch over recent years. 

Affiance House 
Hove Park Hove . 
East Sussex BN37AZ 

AFIA established in 1917 is an Association of 1C I leading 
U.S. insurance companies operating in over 80 countrtei 
with 230 branch offices. The Home Insurance and the 
St Paul Fire and Marine Companies are the AFIA mem " er A , 
companies registered in the U.K , which is one of APIA s 
principal business centres. 


^tion as managing director of a nd Mr. D. J. Herod have ‘•been 

TILBURY CONSTRUCTION, a appointed to the Board.'*"*! 

subsidiary but continues as chair- SCHLESUvGER LIMITED, private 
man of that company. Mr. M. C. bankers, . and not Schlesinger as 
Bottjer has been made managing published yesterday, 
director of Tilbury Construction. * 

’’ * Mr. Roger T. ELmhirsf has . been 

Sir Leslie Smith, chairman of «2pn|n“S. IFiSSB' 

BQC International, has been HOUSE S.A.. the Freni* deveJo£ 
elected chairman of AIRCO INC. nient capital subsidiary of the 

of the U.S. He succeeds Mr. Charterhouse Group. Mr. Mfriiel 
George S. Dillon, who has re- Hntijbeler .has beeome director 

Application forms and 
further details from: 

The Director. 

North of England 
Open Air Museum, 
Beamish Had. 

Co. Durham. 


Th* pose-holder, who also deputise for the Chief Accountant, 
will be a qualified A.CA. or A.C.C.A.. with in depth experience 
of management reporting, profit planning, staff management 
and have a sound knowledge of insurance gained within 
the U.K. market. Experience of working in 3 U.5. 
multi-national organisation would be an advantage. 



signed from that company which 
was recently taken over by BOC. 
The following outside Aireo direc- 

Applications from either 
male or female 
candidates to be 
returned by 1 6th June 

Terms and conditions of employment are as 
associated with a multi-national 
organisation, and will attract 
senior applicants. 

The following outside Aireo direc- Mr. A. J. D. Scott has been 
tars have resigned: Mr. Robert appointed marketing and enwrt 
H. Legg, Mr. Stanley L Rnbenfeld, director of IjVCI WATERHEAI&G 
Mr. John S. Shaw.. Jr„ add Dr. INTERNATIONAL. j 
Albert Fatriconer, Jr. Appointed * .1, J. 

to the Aireo Board are Mr. James Mr. N. R Nibloe will pe-JoWng 
G. Baldwin, group vice-president. Countryside Properties .grt imbt 5 
Mr. David. J . Craig, group vice- as managing director, of Cffiffv - 
president, Mr. Donald Reich, TRYS1DE BUILD • (SOUTSEECTT* 
newdy dected esecutlve vice-presi- a subsidiary. • - ! 

dent, and Mr. Paul Bo sonnet, a . * 



Replies to F. D. Cjmpbo!!. Personnel Manager, 
..mill AFIA Worldwide Insurance, 

III -:=aS 

fully versed in all aspects of Sterling and FX Accounting including 
B/E Returns, Management Reports and Returns and all connected 


director of BOC International. 

! * 

I Lord Sackvflle has retired as a 
director of ROBT. BRADFORD' 


Mr. R. Bordeaux and BUr.' KjL. P; 
Wyfcmans have resigned aS'dget- 
tors of THCnyLAS WmEB:AT® 

Mr. Trevor Tmamoii: had twfto 

Dr. George H. Hough has be- 



Talophone 01 -S26 8744. 


Apply in Confidence to MR. N. E. WIMPEY 
with full curriculum vine. 



succession to Jlr.H. Paul Brauncr, 
who has been elected honorary 

• Mr. James P. Mockicr tins been 
appointed vice-president— inter- 
national group, PARKER HAN- 

Health seryi©|?. ; 
to speak otif^ 


• liicorporaisd under tae L^->& ol Canada! 

BdJra a! D, rc.tjrs a* M-if Cflmsjnv ftJS 
^oelorce .t 3uar:or-iv di..iond o! ti-cnlv- 
»i«c ccn» '25 ccniii ana an t-ir 4 oi... 
dend o' ten \-cnft .:3 cenai Dir i-vic 
i in Umiid S*.a‘.cs iirdsi on mo Comnan.- v 
Class A. Ojss b. ana Class C Cisn.crtitjic 
Oramai t Siiaros wiUnut nammal or par 
K.iluc, payable July 31. 1973. to share- 
holders oi rc;ord at :hc close of business 
on July I. 1973. 

The rif.idond cavablc on Cla-s A Carv- 
»ert,blc Orainarr Shares re©r<:senlod by 
share warrant; to bearer win be paid 
o"l- against f wrendnr al Jurh bcjrer 
warrants •witn edupans sc-iat Nos. iSJi 
160. horfi inctusi.'c. with talons attached) 
In exchange to- bearer International 
Depositary Receipts issued b» Morgan 
Guaranty Trust Company ot New York 
it Brussels. Belgium, in respect ot Class C 
Con-ertible Ordinary Shares ot the Com- 

bany or lor rcgislcrod CCi'.ircatCS 

o' the Comoanv. Berner -rarran*^ .with 
coupons ;;riar Nos. I5J 160. be'- - ’ iv>j. 
Si-e ana u'on; attached' mar ti svrr.n. 
deceit lor exchange 10 
C IK. 

S9 Rue de Namur. 

1000 Brussels 


NIFIN CORPORATION and vice-. Wl 5) jjCdK ^ 

president sales and marketing of PEOPLE working in the NtS* 
Parker Hannifin Europp. He- will Hmilth Service were oreed*^- 
b C based. in Wolford, UK. Guaranty Trust Cempa.iv el 
N;» Yorif. 

35. Avenue dCS Arts. 

1O«0 Brussels. 

Diic-d a: Toronto. Ca-'-ada. :h- loih day 
oi Mav. 1973. 

By Order o'. Board 

L. A. ALLEN. 5c:rr:.rrv. 
Tnc TransTcr Agents ot in^ Cemuan, are 
N.rl/ Tron! Comojnw Limited. TcrpiMp. 
Montreal,, Calgary Winnipeg 

and Haliiaa. Canada, ana Cititann. N.A.. 
Ne* lo'i. U.5.A. 

Changes of address should If not.hed 
ernmolly lo Nation., 1 Trust Comoanv, 
Limited, at 2T King Street East- To'onto. 
Canada. MSC 1G3. 

HK'-500.Q0Q 000 7 CONVERTIBLE 
STOCK 1103 

rcgiytvr OI holder-, of the 7>; ucr cent 
CDnverl>b : e suBr-o -.sled unMcarcd loan 
stotL 19?0 ■ 1 •o..'’ storL w.ii oe Closed 


ilncorpe-ucd in the Republic of South Ainca) 


, irpni 17th !3 3Ctn June ig7B .botn 
in.-ius-.e 1 :s tie identity 
i o( those loan sTat l f. elders entitled to trio 

, hall-yearly .rtcrest oav -pent, payable on 
I 30th June 1973. 

, In order to ouai,1v ic. r the interest ; 

payment all tranters, attomoanied By the 
' relevant lean stuck cert; he ales, must be . 

lodged with thp coRiraim's repistrars. 

| Central Registration Hong Kohg Ltd., not , 
i later than 4.00 e.m. ci 16th June 1978. 
By Order o! the BoaM. 

Comcany Secretary. 

Hong Kong. 

1st June 1978. 


NOTICE IS HEREBY GIVEN that the lourtn capital redemption, being 1 10th 
ol the bia.lai amount of the Notes outstanding «r I July. 1974. wiri he paid 
lo the holders oi the Notes wtio are registered in the company's register o* 
noteholders at the close ol business on 16 June. 197B. The registers pi 
noteholders in Jonjnnesourg and the United Kingdom will Be closed from 
17 to 25 June. 1978 both days inciushm. 

Capital redemption payments win be made on 30 June. 1978 -to those 
noteholders who have surrendered their certihcatcs to the Company j registrars 
lor endorsement |>v that data. Thereafter, capital redemption payments will 
be effected against r«cint oi irrHheaie* lodged lor endorsement and the 
attention ol noteholders is drawn to condition 3 rd» on the reverse side of 
the Notes' ccnincaic. 

The capital redemption payments will M In the currency oi the Republic 
ol South Africa, and the rate of eachange at which the payments wilt be 
convened Into United Kingdom currency, lor the payments by the united 
Kingdom registrars, will be tM telegraphic transfer rate ot charge between 
Johannesburg and the United Kingdom ruling on Hie arse business day Otter 
16 June. 1978. 

Tn* attention of noteholders who ire residents of the United Kingdom 
■including the Channel Islands and Isle ol MeM. me Republic of I retard and 
Gibraltar is drawn to the special conditions o* the United Kingdom Exchange 
Control Act ot 19*7 relating to capital payments, details of wtiicb will appear 
on the warrants. 

Ev Order of the Board. 
W C. Warnner. 
Secretary- _ 

2 June. 197B. 

6 5 % Guaranteed Bonds 1986 

S. G WARBURG & CO. LTD., announce that the redemption instalment o: U.S.S900.Q00 
due 1st July. 1973 has been mer by purchases in the marker to the nominal value of U.S.f66 2,000 
and by a drawing of Bonds to the nominal value of U.S.$238.000, 


Bariow Park. . 

Katherine Street. 

Sandten. 2199. 

?P.O. n Bpr C 7B-S2«a. Sandton 2146). 


Itane Registrars Limited 

2nd Floor. Devonshire House. 

4g jorissen Street. 


.lonannoapurg. 2001. 

South Alnca. 

Llo-ds Bank Limited, 

Registrar's Department. 

J he Caureway. 



Sussc- BN1Z GDA. 


The distinctive numbers of the Bonds, drawn in the presence of a JMoury Public .areas follows:— 

7642 to 7650 
7714 7716 

8032 to 805 1 
8242 to S247 
8470 to 8475 
8617 to 8621 

to 7655 
to 7730 
to 7847 
to 8101 

to 8277 
> to 8372 

to 7664 
to 7738 
I to 8304 
to 8569 
to 8672 

! to 7746 
' to 7975 
to 8133 
10 8310 
; to 8408 

' 759 f 

to 81 63 
to 8318 
to 8586 
10 8717 

7703 to 7706 
7824 7827 


8226 2228 
8326 to 8341 
8443 8444 

8722 B723 



U.S .535. 000.000 8>< B » GUARANTEED 

Nam Bros Banit Llm-lco ad*i»e that 
the redemption flue on me abore lp«1 
l.c.. U.S.S2.450.00D nominal, on the 
1st Juiv 1978. has been clteMd by 

S. G. WARBURG A CO. LTD. announce 
that bands far me amount ot 
UJJI. 875.000 ha«e been drawn in the 
presence ol ■ Notary Public. Itar the 
redemption instalment due fat July. 1978. 

The numbers ol the bonds so drawn 
are as follows: 

T2GGO to 13285 
13291 to 14405 
1441 T IO 14540 

On 1st July, 1973 there will become due and payable upon each Bond drawn for redemption. 
The principal amount thereof together with accrued interest to said date at the office of 

2nd June. 1978. 

due and payable upon each bond drawn 

for redemption, the principal amount 
thereof, together with accrued Interest to 
, said date at the olhecs ol'— 


I 30. Gresham Street, 

London EC2P 2EB. 

I Dr one of The older paving anenta named 
I On the bonds 

Interest *«l te«» to accrue on the 
i bonds called for rudemprioo on end eirer 
1st July. 1978. and bonds so presented 
•or payment must have attached all 
coupon maturing after that dale 

U.S.S11 B7S.00D nominal amount ol 
bonds will remain butsrandine alter I at 
Jul- 1978. 

The (ullnwlng banns orewn *pr redemp- 
tion 1st July, 1077. have not vrl been 
presented far pa- ment: 

_ No.'s 20452 to 20828 
SO. Gresham Street. 

London EC2P ?EB. 

2nd Jude. 1970. 


30, Gresham Street, London. EC2P 2EB., 

or one of The oiher paying agents named on iho Bonds. 

Interest will iBa:e to accrue on the Bonds culled for redemption on and after 1st July. 1978 
and Bonds so presented for payment must har/a attached all coupons maturing alter that dale. 

U.S. 57.200,000 nominal amount of Bondi mull remain outstanding after 1st July, 1973. 


TRSNSFEP BOOKS lor me 7 Deben- 
ture StCCL 199C.9J on Oie above earned 
Comfunv y.:ii be CLOSED Irem l St» June 
to 'Em June 1978 .nbyrt f C' the ore- 
Paraiion ai Interest vrarranrs. 


Secret ary. 

Gene/jr ticuie 

Shehictd S10 3FJ. 

30, Gresham Street, London, EC2P 2EB. 

2nd June, 1978 

8 , PEP CENT. BONDS 198' 
H-rtby O'.es nciict that the reouiremeno 
a! the 30th June 197B Redemption hare 
been wllM by purchases Of tl.flOT.BOT 
nominal bonds. 

UhauKcn' Division Companies Court. In 
ibe Manors of 

No. OOlWl Of 1K8 
No. Ml M3 or 1BTS 
NO. 001643 Of 107S 

No. 091830 of tars 
Ng. 001*31 or 197S 

and in cite Matter of tin Companies Au. 


PWiiioiM for ibe HTdiUok-Up of the above- 
named Companies by the BLsh Court of 
Justice VC re, on the Sind day at Mir 
1973. prrM-mnd to ibe said Court by 
AND EXCISE of Kins' B Beam House. 
3MI. Mark Lone. London EC3R THE. 
and that Ibe ax Id Petition ore directed 'o 
be- board before tbc Court Attlmt of ihe 
Rorbl Corns ot Justice, Strand. London 
WCIUL 2LL. on the 56th day of Judo 
I 8iS. and any creditor or contributor? 
of any of tbc said Companies desirous 
io suppon or oppose tbc niaktns of 
an Order on any of tbc mil PoUUora 
niar appuar ai ihe lime of brarlw Ui 
person or hr his Counsel for tb*t pantos^; 
and a copy of tbc Pciltion tcdl be 
furnttdW by (itu undcrsuioi.'d to any 
irediior or ranirtbuiorr of any of Un- 
| said Companies nmrirtnc such cogy on 
parihL-m or the renulaud coarse lor 
(be some. 

«. F. CLOAK. 

Kina's Beam House. 

IWl, Marx Lane. 

London ECSR nm. 

Solicitor for tbc Petitioner*. 

NOTE.— Any pemoo irho intends to 
appear on me br-unnp of any of the said 
rvMiions must wye op. or send by pasi 
» the abine^iaaied, nousv ui wriung 
of fits idttwtloBS so to do. The nadee must i 
slate thu nonjc and iddresi of the pcr*on. 
or. Jt a firm, tbc nunc and address of 
ibe Arm. aud must be sianed by jbp 
pernn or arm, or tua or thou- Solldior I 
■if any*, anil hiuai be aen-od or. if 1 
posted, must be lent by pool In suffldi'nl . 
lime to roach the abaVe-nsned dm lairr ; 
than [our o'clock lu tin.- alutrnooo of tbc 
Krd day of June 19M. 

us the Opposition's health "sp«te- 

r n Jr . _ . . man to identify weak area&ywb; 

a p" imL cin,°n> f' h ' Krvice that neededu^ 1 

WEETABLK folio ivjnj thu recent ac R? n ’^ , 

death of Mr. J. A. Zankcr. 

Dr. Gerard Vaughan toKTW^ 
Surgical Specialists Sociefy. 1 M 

Mr. MjccI Stois has been lhe lNorth Tees Hospital, /Tees- 
appointed managing director de- side: is time that the prates- 

signate and Mr. Roland Gurney, sionals within the health serrice 
a rtirrefor. of T. U’. TAtrPLLV sloud up for (heir training zpo 
AND CO. of ike V.jgham Poland explaiced what they feel is going 
Group. wrong." 

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_AB bTATENh ,ShnCM\Dl.S- the Roy a! College of Niirsiilg^ 

^ Pen. 

2?. 1 . ER h {*r' 5 k - i 5 ] r ' y ic report earlier this week spell wiii 

iTcbfpboard) lechn,cal tl,cecvor 'he problem of staff shortages^ 

ffhiDbnard) V v snoniiB**'*- fh, .f a " ' Lj 

(&p + London hospitals which was caw; % i')»J 

Mr. John K. Horhnrton has i"; “ tlle ^UmdardE Of art , , v) .j | f 

become director or BIRMINGHAM Ior P atlents ' ’• .. ft. . J 


ffi^nc F f!97o H ^ hJS bvon secre - Close encounter^ 11 UlV^s} 

Mr. Frank Shcklcton has been evidence 

appointed deputy president direk- _ i . 

(cur (packaginpi of Reed Corru- orhSlirl irin JPt m ' % r.f . 

Sated Cases Nederland BV from COIUQ W UI XlUX 
August l , Hp is ai present oDcra- A £lm prize for anyone who ; 
r i n TVn , r C «^™? E Jn?.S 0RRU ' can P™vida tSdencatt at MhP 

|diS C o V t S “af d conSanT a, Mr. & 0, S" “J?”? 8 

jland BV. is to become a director Sark Whisky will ptf . 

of Reed Corrugated Cises Trom owt _ anyone can produee_« ^ 

The same date. Mr. Ales Stratton cra ” «’hich has tran^wr® 0 ^ 

is io be a director of Reed Corru- oKtra-terrestrial beings " w 

gated Cases and will succeed Mr. Earth, or an unmanned recon* . 

Sheklcton as operations director nalssance vehicle, a missile or ^ 
from July 1. any artefact ' 

_ * Mr. Russ Tavlnr. Cutty Ssi* ’ 

Mr. David Auty has been director, said: “We are deadU 

WrmRTMrlf'te systems serious about this. A coosi**-. 
for SP CVDliSTRIES. He was pre- able bodv nf scientific oDlnto 0 1 

ss asasMsr ot isrsI S ^ J 

The company, which 


RraHtncd OMc«- 33 ClIAards Inn. ratter 
Lane Landan EC4A 1 AH. 

to Section 2 S3 oi Me Comoamat Art. 
1948, that a MEETING of the CREDITORS 
« ^ *iwre. named Company will ba held 
“* 38 C'lUofO* Inn fitur Lana, Lanoon 
EC4A 1 AH. on 2 1st June. 1970. ax 
1 1 .Jo a. m.. for the ourpaae toynTtonao 

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INTERNATIONAL PAINT BL'ILn- - ' v :?~ to P a >' oul - offered^ 

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in Snction 194 « seq ot tne sold Act7 ' 
DaTLD thlf Mth day 4l May, 1978. 
By enter at the Beard. 

J. F. ALLEN, Mr*** , 

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who Is Midland Bank uroup campanv is mI 50 offering prt**f 
maintain for other matters competed 
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: | S ' edited by'christopher lorenz 


1 Carlo: da fienedrtri— fnovma on to become deputy chairman of 
* Olivetti » weB as its nngfe' largest shareholder. 


industrialist who 
fell out with Fiat 

Turinese industrialist, recency 
nominated by the weekly maga- 
zine/! Mohdo' as * inanager of 
. the year " in Italy, established 

■ bis -managerial reputation back 
in .1972. when he took over a 
small Turin- few ad . t aimin g con- 
cern called GiLan&ini, then 

•j employing; only some 100 
people. In a. matter of four 
years'll iiad buift it up into a 
group employing 1,500 people 
and with an 4usmui turnover of 
some L40bn, following the 
incorporation • of a number of 
small and medium-size Italian 
. and : foreign . mechanical 
concerns.' ' 

His activities both as a man- 
. ager and as president of the 
-.Turin Industrialists’ Association, 
-where he appeared to have 
opened a successful dialogue 
-with toe. Communist Party, did 
not unnoticed- for long, in 
-the summer of 1976. the Agnelli 
Brothers, ' Giovanni and 
UmbertOj head of the giant Fiat 
car conglomerate^ turned to Mr 
ide Benedetti.. as the man Fiat 
needed for ’its ambitious reorg- 
anisation t programme. This 
involved the decehtralisatian of 
Fiat’s operationai, activities, and 
the setting lip^f r a strong ‘cen- 
tral corporate management body 
with overall control over plan- 
ning andfinaiicA 

It seemed ah Ideal marriage 
between* two. of Turing leading 
industrial families. Fiat took 
control of - GUardini - and -in 

■ the secbiw ' largest 1 shareholder 
-in the .^«roup r -wtth. A 5 per 
‘ cent'stake s ^|^at’s;equtiy^ai^ 

was apicdhtect m^faging'direo- 
tos. • In IhiS' ^ense; the arrival 
of Mt-l de Benedetti . ariEiat as 
manager.; apd; Shareholder, was. 
somewhat .^similar- to - his entry 
in 'Qlrvejti -this y ey^-‘v V:: ‘-./.V.A 

• -_y_J ;- . ;. ,V 

But his stay with Fiat was 
unhappy and short-lived. His 
abrasive manner made him 
unpopular from the beginning 
with the established Fiat mana- 
gers. ' In Fiat they suli claim 
today, ait least in private, that 
Mr. De Benedetti moved too fast 
and too far, and that he did not 
have the necessary experience of 
running a major industrial 
group like Fiat, Italy's largest 
private, concern, with an annual 
turnover of more than 

Following a major clash of 
personalities and policies with 
Mr. Umberto Agnelli, barely 
three months after joining Fiat, 
Mr. De Benedetti resigned. He 
sold back— at what is under- 
stood to be a handsome profit — 
ins stake in Fiat' to the Agnelli 
Brothers. Then, in December 
. 1976, he bought control of 
.another tanning concern, CIR, 
and proceeded to repeat the 
Gilardini operation, buying into 
a range of Italian : and foreign 
companies, and increasing turn- 
■ over from L26bn to L55bn last 

' But all the time he was clearly 
aimipg much' higher. Earlier 
this year tirere .was talk of his 
jn inihg /riift ailing . . Milan-based 
chemical-’- and ‘ fibres group, 
Montedison. A financial com- 
pany of his, Euromobiliare, 
effected an operation which saw 
the U.S. Quaker Oats group take 
a minority participation in a 
troubled Italian food .concern, 
..Chiari. Forti, .FepXesehting.-the. 
first case of a (J.S. investment- 
hi Italy in' recent ryeaTs. Bis 
efEorts and . ambitionj have how 
been.:criswned witif the Olivetti 
deal.- .Not only Tias be appar- 
ently got his awn back on the 
Agnellis, bi he has now 
returned to^the big league of 
Italian industry. 

TAKE AN old-established 
mechanical engineering com- 
pany^ Add the need to make 
major financial and manpower 
investments in new technology, 
in order at least to keep abreast 
of competition from the big U.S. 
multinationals. The end product, 
in the case or Olivetti, is a 
twentieth century corporation 
in terms of technology, but one 
desperately short of capital, 
with shareholders nut overwill* 
ing to respond to rights issues 
where the recent dividend track 
record has been poor— and in 
the last two years non-existent 

Enter a leading Italian entre- 
preneur dedicated to holding 
back the Stale’s increasing in- 
roads into the private sector, 
mainly because the latter can* 
not survive unaided. The re- 
sult is Olivetti today, and the 
man. Carlo De Benedetti, who 
spent three months as managing 
director of the giant Fiat Motor 
Corporation and disagreed on 
ail known counts on policy with 
the Fiat Agnelli brothers, now 
proposes with a stroke of his 
magic wand to rejuvenate the 
company with his provocative 
managerial style and to un- 
tangle its dire financial short- 
falls by injecting some of his 
own money. 

The top management and 
long overdue financial recon- 
struction of Olivetti, to be 
approved by shareholders at an 
extraordinary meeting on June 
5, “is likely to represent a 
test case for the private sector 
in Italy.” At least, this is how 
Mr. De Benedetti sees the 
operation, which in large 
measure is his own brainchild 
and has had the backing, from 
the beginning, of Mr. Bruno 
Visentini, Olivetti's executive 


On the surface, the Olivetti 
operation looks like any other 
fairly commonplace capital 
increase, certainly less dramatic 
and considerably more modest 
than its much larger neighbour 
Fiat effected last year after 
clinching the now celebrated 
£250m deal with Libya. For 
more than a decade, Olivetti 
has been grossly undercapital- 
ised with its share capital un- 
changed at LOObn, or about 
£40m, since 1962. At the same 
time, the group has seen its 
accumulated debts swell to 
LBl2bn at the end of last year, 
costing Olivetti some L142.5bn 
in annual interest repayments 
or the equivalent of about 10 
per cent of the group's con- 
solidated tiamover of Ll,365bn. 
last y ear. 

Yet despite the relatively 
small increase of the company’s 
capital" .from L60bn to LlQObn. 

the operation in many respects 
is unique in Italian corporate 
history. It involves a L40bn 
two for three rights issue of new 
ordinary and preference shares 
both with a nominal value of 
L1.000 each, in which Mr. De 
Benedetti will personally sub- 
scribe to the rights of the 
Olivetti family for a total of 
some L(5bn. Mr. De Benedetti 
will thus become the single 
largest shareholder in Olivetti 
and will simultaneously be 
appointed deputy chairman, re- 
placing Mr. Roberto Olivetti 
who resigned earlier this year, 
and lomt-managins director of 
the company, together with Mr- 
Ottorino Beltrami, who in 
recent years has increasingly 
been responsible for the run- 
ning of the company. 

The basic contcpr or the 
operation is a simple one, albeit 
unusual in an Italian context 
Mr. De Benedetti puls it this 
way: “ I am joining the company 
both as a manager and a capital- 
ist, or rather a large share- 
holder, because in order to 
retain one's own entrepren- 
eurial credibility one must both 
invest one's own money and 
also be directly involved in the 
running or a company — facing 
all the risks that this entails.” 

On the other hand, there 
were not many alternatives open 
to Olivetti if it were to remain 
private, and avoid being gradu- 
ally absorbed into the public 
sector. And in Italy at present 
there were few private entre- 
preneurs jn a position to invest 
directly in such a venture. For 
some years, the Olivetti family 
has been increasingly unwilling 
(o put money into the group, 
since the financial structure has 
steadily weakened as a result of 
Olivetti's entry into the elec- 
tronics and computer data pro- 
cessing- Geld. 

In the mid-sixties a consor- 
tium — including Fiat, the two 
state medium term credit insti- 
tutes, Mediobanca and BU. 
Pirelli and La Centrale. the fin- 
ancial holding yroup — was set 
up to enable Olivetti to go ahead 
with its ambitious industrial re- 
conversion programme. 

With the exception of Fiat 
and the Olivetti family, whose 
presence in the controlling syn- 
dicate amounts to 9.04 per cent 
— but which clearly holds a 
much bigger slake uf Olivetti 
equity— the syndicate members 
are all expected to subscribe 
to their overall L5.7bn share of 
the L40bn capital increase. Mr. 
De Benedetti will subscribe 
Llobn and the remaining 
Ll9.3bn will be underwritten by 
a consortium of banks led by- 
Mediobanca. Mr. De Benedetti 
will subsequently enter the con- 
trolling syndicate, while Fiat, 
which currently holds 7.17 per 
cent of Olivetti ordinary shares. 

A man’s bold gamble 
to revamp Olivetti 

By PAUL BETTS in Rome 



Group workforce 72,273 

Consolidated turnover (bn lire): 

Italy: 140.3 

Overseas: 408 

Profit/foss of parent 
company (bn lire) —3.9 

Group indebtedness (bn lire) 373.8 



Percentage of 
Ordinary Shares 

Olivetti family 9.04 

JMI (state medium-term credit institute) 7.40 
Rat 7.17 

Mediobanca (state-controlled medium- 
term credit institute) 5.02 

Pirelli SpA (Italian financial holding in 
Dunlop-Pireili union) 335 

La Centrale (financial holding company) 0.96 
Total 32.94 


De Benedetti 

Pirelli SpA 
La Centrale 


Percentage of 
Ordinary Shares 

Current Olivetti share capital: 60bn lire (36m ordinary shares. 24m preference shares) 
After capital increase: lOObn lire (60m ordinary shares, 40m preference shares) 

ace to face 



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There has never been a great 
deal of love lust between Mr. 
De Benedetti and Fiat. Indeed. 
Giovanni Agnelli, chairman of 
the Turin ear conglomerate, is 
believed at fir.=t to have opposed 
the De Benedetli-Olivetti opera- 

• Barely two years ago. Mr. De 
Benedetti resigned as manag- 
ing director of Fiat — a position 
he had held for only three 
months — following a bitter clash 
of personalities and policies 
with his predecessor, Umberto 
Agnelli, the younger brother of 
Giovanni: Umberto bad gone 
into politics as a Christian 
Democrat Senator. 

However, the Fiat group, 
which iv increasingly finding 
itself isolated as a large private 
company in Italy, was clearly 
reluctant to see yet another 
major private group being 
pushed into the public sector. 

For Mr. Dc Benedeui. the 
Olivetti operation represents a 
gamble. He claims the forth- 
coming cspital increase is as 
much a political as a corporate 
test case. He recognises that 
L40bn is small change for a 
group with the financial pro- 
blems of Olivetti, but he hints 
that it could well represent the 
beginning of a steady flow of 
fresh capital urgently needed 
by the company. It is well known 
that Mr. De Benedetti has well 
placed connections in inter- 
national financial circles, includ- 
ing, it is understood, the Roths- 
child group. At the same time, 
he stressed that there must also 
be the political will in Italy to 
enable Olivetti's current opera- 
tion to succeed without recourse 
to the customary and unsatisfac- 
tory formulae which would 
largely involve the intervention 
of the state-controlled Italian 
banking system. He emphasised 
that without a revival of a 
caiptai risk market in Italy there 
was Jirtle scope for the lnng- 
lerni development of private 

Yet Mr. Dc Benedctti's gamble 
is a carefully calculated one. 
While Olivetti's financial 
difficulties cannot he under- 
estimated. it has retained much 
of its prestige in its Traditional 
mechanical typewriter field at 
the same time as building up a 
sizeable presence in the flourish- 
ing electronics market. Exports 
now account for about 75 per 
cent of the overall sales of the 
group, which over the years has 
built an extensive commercial 
and industrial network in some 

24 countries. In all. Olivetti 
currently employs 66.000 people, 
more than half of them working 
outside Italy. 

In Italy, Olivetti has enjoyed 
relatively guod labour relations: 
it was the first large private in- 
dustry to build a plant in the 
depressed south of the country 
at Pozzuoii. near Naples, and 
the first to introduce in Italy 
the concept of integrated 
assembly units. These units, 
more commonly known as 
•• labour islands.” which con- 
sist of independent working 
groups each responsible for the 
entire assembly process, includ- 
ing output and quality control, 
replaced the traditional assembly 
lines following an agreement 
with the unions five years ago. 

With its reorganisation pro- 
gramme now completed, the 
group says it has strengthened 
its operational base as the latest 
balance sheet of the parent 
company shows. Last year, the 
F-rent company, Ing. C. Olivetti 
Spa, reported a profit of L5.3bn 

compared to Llbn the year 
before and a loss of L8.6bn 
iu 1975. But the reorganisation 
programme has entailed an 
enormous financial strain — and 
one which it will have to con- 
tinue to sustain to keep up with 
international competition — with 
some L21Sbn spent uver the last 
five years on research, develop- 
ment and planning alone for an 
entirely new range of products, 
mainly iu the data processing 


Olivetti’s new range Df stan- 
dardised distributed processsing 
systems- started to appear on the 
market at the end of 1974, and 
last year they already accounted 
for 42.5 per cent of the group’s 
overall sales as against only 14.i 
per cent in 1966. The currenl 
aim of the company is to bring 
the level of distributed proces- 
sing systems sales to 50 per cent 
of overall annual turnover, with 
the other 5f> per cent represent- 

ing traditional office machine, 
sales, which currently aicou 
for some 57.5 per cent of tl 
overall total. 

At the same time, the cot 
pany has had to reorganise i 
entire commercial network 1 
meet the demands of marketin 
more sophisticated electron! 
equipment. Having built up th 
stocks of its new product rangi 
it is now confident it can con 
pete with the large U.S. an 
other European electronic 
manufacturers. Indeed, Olivett 
has recently negotiated a serie 
of important contracts involvinj 
its new TC 800 modular pro 
grammable ter min al systen 
designed for a variety of appli 
cations like banking, insurance 
and transport Among the con 
tracts is the supply of 1400 TC 
800 units to the Canadian 
Imperial Bank of Commerce, an 
entire system for the Nor- 
wegian Railways and another 
system for the South African 
Post Office. 

Against this background it is 
generally regarded here that 
Mr. de Benedetti is joining a 
company with potentially pro- 
mising long-term prospects, if 

in the shorter term it is able 
to consolidate its financial 
structure. If he succeeds at 
Olivetti, the company’s tradi- 
tional typewriter image is 
bound to change even more 
radically. But the challenge his 
presence poses is not onlv limi- 
ted to his personal ambitions 
and to the group but to th“. 
entire future of private enter- 
prise in Italy. 

What Mr. de Benedetti propo- 
ses to do at Olivetti is undoubt- 
edly a tall order for the group's 
smaller shareholders. He wants 
them to subscribe to a capital 
increase to revive the concept 
of private industry in Italy but 
at the same time he makes it 
quite clear that the sacrifices 
will be heavy. The company 
has not returned a dividend in 
the past two years and Mr. de 
Benedetti says explicitly that 
it wiJ] not do so this year either, 
despite a return to a profitable 
trend. The financial position nf 
the company, he says, does not 
permit any kind of “handout” 
Nevertheless, there are some 
encouraging signs. The shares 
nf the company have recently 
risen, mainly, it is understood, 
as a result of purchases from 
West Germany, 

Mr. de Benedetti may yet 
win his gamble. 

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Firing the entrepreneurial spirit 

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ERE IS a strong hint of an British interests has almost cer- 
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sear to be taking more than alarm bell more loudly than was 
lai interest in ensuring that necessary. 

, ; roles which they play in the At tJle t>nd of lhe day. agricul- 
, mmunity’s deliberations are ture ministers arc compelled to 
i »«!«* their full political roach agreement because they 

ight (and if possible 
lire) back home. 

are responsible Tor running a 
genuine policy. There is no such 

Press briefings have suddenly ligation on energy minislcrs. 
come more frequent, and some v huge e {j orls l0 agree on even 
51 net members who have d»s- { modest framework for 

lyed antipathy towards Cjie ;! m ^ on ' acLloll sin ce the 1973 oil 
ussels press corps »n the pa,. t j j have consistently 
- now noticeably more willing foimdered on differing national 
i engage in a dialogue. interests Mr Anthony Weds- 

But though it seems inevitable ^^Benn wou : d like the EEC 
at Britain's relations with the , rhrnunh 

st of the EEC will be an issue a ‘ d ^m coal But 
the nc*t election camoaign. it ^bsidies f- m 

; t rs j* tssjsz 

mear to be iJTSwS *«ch action posslhle-notably 

' 'rertfoM af once 8 On the o7e French and Italian demands for 
I md. the Prime ' Minister and help for their troubled refineries. 
* hancellor of the Exchmiucr are 

; aning towards a conciliatory PotCflt WCHDOfi 

na Mr f’allanhan h:t«« pvnn “■ ' * 

aning towards a conciliatory 
ne. Mr. Callaghan has even 
irreed to nice’i his fellow 

Mr. Wedgwood Bonn portrays 

ocialis! Party leaders from ihc jf,c refinery plan in angry terms 
EC in Brussels later this month as a com mission bid tn muscle 
>r a “mini-summit", where j n on national policy-making, 
ttempfs will be made to devise There may be a grain of truth 
joint platform on which to j n |j,| 5i the scheme Is a 
ght next year's European direct j ot Draconian than he 

Jeciions. imnlies! It is hard io see. for 

instance, how the four-year curb 
T*mnnGf3 ?c on new refinery construction 

J. A upuaflio which it envisages would have 

Mr. Healey, wirh an eye to any real effect on the UK. 
jext month s western economic Jn rca|it> . Mr W adgwood Bonn's 


WHEN THE Development 
Board for Rural Wales took 
space in local papers to adver- 
tise a pilot training programme 
for very small businesses run 
in conjunction with the Man- 
chester Business School, it 
hardly anticipated the response. 

It was thought that perhaps 50 
people would inquire about the 
two-day event and probably 20 
would follow through to the 
school itself, held recently in 
the Victorian watering spa of 
Lfandrindod Wells. 

In the event, the hoard 
stopped entertaining applica- 
tions when the figure had 
reached 111) and eventually the 
number showing an interest 
reached ISO. of whom 85 were 
welcomed to Llandrindod. Some 
came from as far as London 
and the Home Counties; others 
from the Midlands, while a 
three-man team of design 
engineers came up from Cardiff 
.-ince in a week or two's time 
they face redundancy when the 
British Steel Corporation closes 
the East Moors works. 

The board’s geographical area 
covers the whole of mid-Wales, 
stretching from the slate town 
of Blaenau Ffestiniog in the 
north tn Ystradgynlais. at the 
tup of the Swansea valley in 
the south; fmm the English 


border to the coast at Aberyst- 
wyth. It is full of small towns 
such as Newtown, Welshpool. 
Bala and Brecon. It has few 
large concentrations of industry 
and while its area covers prob- 
ably half of Wales it contains 
only 7 per cent of tbe popula- 

There is a large number of 
small companies — many of 
them one-man businesses — and 
if the area is to prosper and the 
drift away from it is to be 
halted these concerns have ro be 
nurtured. But how does a one- 
man band turn into a trio or a 
quartet:* It was in order to 
attempt to answer this question 
that the board decided to join 
forces with the Manchester 
Business School and see if it 
could put these small companies 
on the road to growth. 

Many of the small businesses 
in mid-Wafes are concentrated 
in the gifts and crafts sectors. 
By thenr very nature, they tend 
to be founded by people trans- 
lating their hobbies into their 
employment — a potentially 
dangerous policy. 

However, it has been esti- 
mated that 85 per cent of the 
craft goods sold in mid-Wales, 
largely to holidaymakers, are 
brought in from outside. Max 
Boyce, the popular entertainer. 

is not the only one to tell 
stories of bow Japanese visitors 
take back Welsh dolls to Tokyo 
made in Hong Kong. According 
to Ur. W. Ian Skewis, chief 
executive of the board, there 
should be considerable scope for 
local producers to cash in on 
this market since most people 
buying a “ Inca! *’ product want 
it to be genuinely local. 

According to Professor John 
Phillips- who launched the 
Manchester Business School's 
new enterprise group a year 
3 -jo and who headed the 
schonrs team in Llandrindod, 
ihc Id-'al unit for growth is a 
husband - and - wife team, of 
vhi'.h there were seven on the 
course. He was equally pleased 
to see 13 other women — almost 
a quarter of those present. 

One of the couples. Michael 
and "Rosemary Rainger. under 
the names Celmi Candles and 
Arian Celmi. make candles and 
jewellery in Ffestiniog. The 
Rain?ers moved to Wales 
nearly eight years ago from 
Beisate. where be was an en- 
gineer and she a librarian. They 
took over a shop from the Co- 
operative. bought a house nest 
door, and started making 
candles. The jewellery Fol- 
If.v.ul last year. 

They were lucky in that 


Top XJ.S. jockey torus down i 
Derby ride on Hawaiian Sound 

nice for more energetic action j mC P n 
,.y Germany to speed up ils a th£ 

irnnnmic growth ralp mystical signifl-fcnci. w tnc 

Tn other hand.' Mr. John of British public onimon. 

5ilkin. the Agriculture Minister. To observers ,n E ' niS ^ r' 
md Mr. Anthony Wcd B wood soniclmies seems to be lilting ai 
Benn, the Energy Secretary, windmills. But it is probably 
remain implacably hostile to the o ot *0° ha ™? t0 persuade a 
EEC. Both men seek to present domestic audience that vs -.till 
it as an excessively meddlesome highly sceptical of the EEC that 
body, and themselves as bulwarks thoro really are marauding 
against the Eurocrats' tireless foreign armies Hent on pillaging 
efforts to undermine British snv- Britain's national heritage, 
ereignty. Situated uncomfortably Mr. Wedgwood Benn may he 
somewhere between these two handed a much mure potent 
poles is Mr. William Rodgers, the weapon if. as now seem* 
Transport Minister, a convinced possible, tbe commission acts 
pro-European who stands accused later this year to compel the 
in the European court of justice UK in muriify aspects of in 
of failing to enforce tbe EEC’s North Sea policy. He has already 
tachograph laws. indicated rhat b? will view such. 

, The two particular betes noires action u*= an invitation to a con- 
which have been exercising front ation. If there is an 
Messrs. SjJkin and Wedgwood October election, lhe campaign 
| Benn this year have been the could find him fighting a pitched 
I future of the milk marketing batik 1 against the EEC. while Mr. 
boards and EEC Commission Callaghan and Mr. Healey art- 
proposals for cutting surplus oil busy polishin? their public 
refinery capacity. In both in- images as models nf stnmman- 
staoces, the threat posed to like international co-operation. 

NO JUCKEY has yet been 
secured for Mr. Robert Songster's 
Hawaiian Sound, and it now 
seems doubtful whether a top- 
ranking jockey with Epsom 
experience can he hooked. The 
hiphlv successful U.S. teenage 
rider* Steve Cauthuo. bas. 
reluctantly, had to turn down the 

Caullicn, whose agent had 
reportedly made a provisional 
booking on Monday's Concorde 
dig lit from Wash m 5 ion. has been 



persuaded not to ride him.=elf by 
people connected with Affirmed. 
U is this horse on whom Cauthen 
will be bidding for The Belmont. 
;be third leg of the American 
Triple Crown, three days after 
lhe Derby. 

Still on the subject of the 

Derby. John Dunlop says that 
he would like a good spell of rain 
at Epsom to enhance the chances 
of Sbirley Heights, who until 
iQkerman sprang into the piciure 
was tbe clear market leader. 

There is no doubt in his mind 
that Shirley Heights will prove a 
considerably better colt if there 
is some cut in tbe ground. At 
present tbe ground at Epsom is 
riding extremely fast in spite of 
a good covering of grass. 

Inkernian, the Derby mount of 
Lester Piggott, has now settled 
in most ante-post lists at 5-1 — a 
price which may well be avail- 
able on the day. 

Piggott can be seen in action at 
Kempton this afternoon. He 
begln’s the ariemoon by partner- 
ing his brother-in-law Robert 
Armstrong's newcomer Winter 
Wind in lhe Riverinvad Stakes 
before going on to ride fur 
several other stables including 
Jeremy Tree’s Beckham pton 

His ride for Beckhampton. 
Catechism is among the runn-rs 
for the first division of the Halli- 

ford Maiden Stakes and looks 
one nf the days better bets. I saw 
this son of the American stallion 
Cougar II, run a particularly 
promising race when finishing 
third behind Nicholas Bill and 
Valdee at Newbury six weeks 

Although he has since 
disappointed 1 intend giving 
CatecMm another chance to 
prove that he ii a useful middle- 
distance performer in the 

Enrlim-. it will come as some- 
thin? of a shock to many if the 
progressive SteDhano cannot 
defy a 4 lb penally in the King- 
fr-her Handicap. 

2.00 — Winter Wind 
2 "it — Slephano'*''* 

3.WT — fliah 

3.30 — Perfect Fft* 

4.09 — naijrrdask' , r 

4.30 — Catechism** 
S.fl'j—Commander Bond 

5.30 — Norfolk Arrow 

when they set up there were 
not all that many makers of 
decorative caudles and so their 
early lack of professionalism 
was not serious. Rosemary 
Rainger does not think they — 
or anyone else— could get away 
with it now. "It took about 
two years for us to become pro- 
fessional and get ourselves 
established as a business. In 
that time we learned a lot.” 

What they did not learn' was 
to walk before running. They 
rook on staS, expanded output 
and by the time they were em- 
ploying seven people they had 
nearly ran themselves into the 
ground. Now they have three 
employees, though with their 
jewellery side running well 
they hope to take on two more. 

Three main groups were 
represented at Llandrindod: the. 
small businessman who had 
moved in to. mid-Wales; the 
small local producer, and those 
without much — or any — business 
experience. John Pryce was. in 
the last category. Yet even 
within a year he. like the. 
r lingers, was looking to take 
on workers. 

Pryce sculpts, porcelain and 
pottery figures. .Most sold are 
originals, though some are mass- 
produced from feasts. He has 
sold to Set fridges as well as 



CC — These t ha j ires accept certain credit 
cards by telephone or at the box office 


COLISEUM. Cieail Cards. 01-240 S2S8- 
Reservations 01-836 3161. Until June <0 
Eras. 7 30 Mats Weds. 6 Sett. at 3. 

Ton't. & Tomor. Flore. Oar Fall Hamlet 
Requiem. Mon. Tue. 4 Weo- inner* Not. 
New MacMItlian Ballet. Seas at the 
Earth. Thiir. next Eh* Tide. Carmen. 96 
tukconv seats always available from 10 
am day ol eeH. 

CO VENT GARDEN. CC. 240 106& 
iGartiencharge tredit earns 836 690 3 1 

Tonight and Tues. nest 7.30: Rlgoletto: 
Tomorrow 7.30: Manama Bvtterflr; Wad. 
6.00- Tristan una iso toe: Thur*. 7 . 30 : 
F el stall. 65 Amen I- seats avail, tor ail 
oeps. from 10 am on dav of pert. 

covent Carden Sunday concerts 
T his Sunezr V 8.00. LUCIANO PAVA- 
ROTTI. Ail seats sold. 

h* Royal Onera House mrats that pro. 
rrammr chanpes have had to be madn to 
aeeommooaie recent nians tor tnt . ie*e- 
«ls‘on comoamea in the Irani- 

m .ssi on to the United States ol the 
progrimm* on July 22nd. 

* — announced performances 

te altered and the ra«isea 
toe ween of July 17 is 

locally. He is an example of 
the man who has turned a hobby 
Into his work— and so far he 
is succeeding. • . ' 

The time-consuming part or 
sculpting is painting and he 
would like to take on one or 
two painters to- do this side Of 
the work. He is also fortunate 
that, though his wife does not 
contribute to the business, he 
has a sister-in-law who looks 
after the administration. . 

Both the Raingers and Pryce 
typify the sort of expanchog 
firm that mid-Wales needs. They 
have -an entrepreneurial drive 
that Dr. Skewis finds missing in 
the Welsh. “When I was with 
tbe Highlands and Islands 
Development Board, in Scotland, 
some 5,000 projects came before 
the hoard and over 4,500 origi- 
nated locally. The Scots are 
great entrepreneurs. In Wales 
people don’t give a hoot where 
jobs come from so long as they 
come.” . , , 

To develop the potential of 
those among whom there is the 
entrepreneurial spirit, the 
board is to hold a second, 
rather longer, weekend in Damr 
peter next month. Some of 
those on the Llandrindod course 
will be' invited; there will also 
be places for those squeezed 
out by its very success. And in 


FORTUNE. 836 2238. M 8.00- Tbur. 3- 
5 at. 5.00 and 8-00. 

Murid- Ravow a* Miss MARFLU n 

Third Grgit Ytar. 

Evqv B.O. Mat. wad. 3.0. Sat. S.M. a.30. 



Gdn. ” NOT TO BE MISSED." innps - 

GLOBE THEATRE. _ „ 01-437 1592. 

PAUL ropiNGT&N . 3 ' J ULI A~ MtK E NZIE~ 



" ThU mast be lhe "S*** .“.SSSf 

maker tn London. D. Tef. Alt 

loly qtilovabic ww i nfl." Sunday Tunev 


Evan I not. 730. Mat». 5at*. 2 JO 
A oiay by Oon Taylor. 

'• Sura KwWnun Is sunerb « Achureh 
. . . Julian Carry Is * ioiend>d Shaw. FT. 

HALF MOON THEATRE- 4&0 646S-48fl 

23 M«y-I7 June at 8 am 

HAYMARKET. 01-930 9832. IvBfc 8.00. 
Mats. weds. 2 .30. sat. 4.30 and 8.00. 


Dr. W. Ian Skewis— *oplng 0 . 
to help attrart pMPle backr 
• - ; to Wales. ■.•;-! v \- — : 

order for the business school, 
team to work more closely with 
the course members the nusK 
hers will be limited this timi' 

to 48- . c - V 

Then, in the. autuinn, between 
a dozen and 20 peepfe wilTbe. 
invited to participate in a £but-: 
month programme which will 
go into business methods far 
more deeply. dearly, ... this . 
would be aimed at those .with 
established small businesses 
with potential for growth. 

Tbe board wants to airefit 
depopulation and encourage 
people to move .back to _ mid- 
Wales; and this demands viable, 
small units able to work within 
small communities providing 
economic health for those com- 
munities. ~ ' : ' ' " ' - 


ROYALTY. Credit Curds. - 01-403 TW04.. 
Moflday-T&ursddY eveninm 8.00. Friday 
5.30 and B.45- Saturdays 3.00. and BJJO. 

. Looaon cr itics «me. : . 


Best MusicaJ oi 1977. _ . - 

Bookings acceoted Major credit .cards. 
Special reduced rate tor matinees tor * 
1 United period only. 

ROYAL COURT. 730 1725. LOST 2 pert*. 
Ton't 8.00 Tomor. «t 8 JO. . . 
by Smo Wilson. . World Premier*. - 
“ Brilliant comic writlpg." ITmes. . 

SAVOY THEATRE. 0-836 8888. 

Opening June 13, TOM CDNT1 hi . 

trlth JANE ASHER. - 

TO SEE . JT." Gflo. . _ . 

Eras, at B.O. Frl. and Sat 5.45 and 8 85. 

SHAFTESBURY. CC. . 836 6596," 
5b4fteshurv A«* WC2 [HI Oh HolbRq end) 
Eves, at a.00. Msta- Tees. & sat. 3.oo. 

EVERYTHING.” S. Mirror. 


SHAW THEATRE. 01-388 1394 

Last 2 Pertv Tonigh t an d Tomorrow 7.30 

Arnold Wesker's Classic 
" Still Hire til* hoart.” D. T*l. 

Law prices. Easy Parking. 

STRAND. 01-836 2660. Eveouigs 8. DO. 
Mat. Thors. 3.00. Saturdays 5.80 A 8.30. 

GOOD SEATS B4.00.Cl .50. 

f Indicates programme In 
black and white. 

BBC 1 

6.40-7.55 a.ra. Open University. 
11.23 Cricket— First Test: The 
Cornhill Insurance Test Series — 
England v. Pakistan. 1.30 How 
Do You Do? 1.45 News. 2.00 
Interval. 2.10 Cricket— First Test; 
and Show Jumping (Castel/a 
Cigar Stakes). 3.53 Regional 
News for England i except 
London). 3.55 Play School. 4 JO 
Scooby Doo. 4.45 Playhouse. 
5.05 Horses UaJore. 5.35 Roobarb. 

5.40 News. 

5.55 Nationwide fLondon and 
South-East only). 

6.20 Nationwide. 

7.00 The Golden Fiddle. 

7J0 ft’s A Knockout. 

8.30 Porridge. 

9.00 News. 

9-23 Siarsfcy and Hutch. 

10.15 World Cup Grandstand. 


All Regions as BBC-] except at 
the following times: — ' 

1 Vales — 4 *30-1 .4 5 p.m. Bys A 
Bawd. 5.55-6.20 Wales Today. 
7.30 Glas Y Dorian. 8.00-8.30 
Tomorrow's World. 



1 Move on board and throw fish 8 

IS) . . . 

5 Stupid fellow going round the n 
south-east? Yes, and shut up! 

(6> , . 15 

9 Shallow vessel containing 17 
bread is rather odd (8) 1 

10 Disinclined to write a bit of - 
poetry t6) 

12 The poor require yens 

initially (5) 20 

13 River fish to the French is 

detestable (9i 21 

14 Charm a stubborn creature 

with a bit of tact (6> 22 

16 Natural growth when climbed 
puts one in desperate straits 04 
13. 4) 

19 Common army chief (7> 0 - 

21 Push around in returning lo 
chastise f6) 

23 Singer Is more peaceful about 
notice (9) 

25 Swear to heal Pole within (5) 

26 Lands in eastern country (6) 

27 Party going lo race for a gift 
of money iS) 

28 Left snake and its game asso- 
ciate (6) 

29 Lay down platform to start 
netting fish-food IS) 


1 Scrambling fish in ghee 
initially <6) 

2 Voire of the wheelwright? 1 9 1 

3 Money is sweet f5) 

4 North American bouquet 
coming into beine (7) 

6 Sick servant? (9) 

Wash using brush (5) 

Act about eastern writer 
became more profound (8) 
Ask to receive direction in 
mountain |4) 

A singular spectacle? (9) 
Coach the remainder outside 
with artistic control (9) 

Type of paint for food con- 
tainer (S) 

Wager about an old penny on 
female <4) 

Fish to cook bin not com- 
pletely (7» 

Flag showing bird bas no pole 

Reproved sailor getting up 
and going to ediior (5) 

100 links more or less or 
precisely (5) 

No. 3.681 




Scotland— 5.55-6.20 pjn. Report- 
ing Scotland. 

Northern Ireland — 3-53-3.55 p.m. 
Northern Ireland News. 5-55-6.20 
5ccne Around Six 
England — 5-55-6.20 P-m. Look 
East (Norwich); Look North 
(Leeds. Manchester. Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol): South 
Today (Southampton): Spotlight 
South West (Plymouth). 

BBC 2 

6.40-7.55 a.m. Open University. 
11.00 Play School As BBC-1 3.55 

430 p.m« Cricket— First Test; 

England v. Pakistan. 

635 Open University- 

7.00 News On 2 Headlines. 

7.05 That’s Tbe Way The Money 


730 Newsday. 

8.00 The Money Programme. 
835 Inside Story. 

935 Cricket— First Test (high- 

930 Fireworks For A Silver 

1030 The Devil’s Crown. 

11.15 Late News On 2. 
t!135 “State Fair 1 starring Janet 
Gaynor and Will Rogers. 
1.00-1.05 un. Closedown. Sir 
Hugh Casson talks about a 
portrait of his daughter 
■'Dinah." by Philip Sutton. 

BBC-2 Wales only— 7.05-730 p.m. 
Heddiw. 8.00-9J5 Eisteddfod Yr 
Urdd. 1.00-135 a-m. That’s The 
Way Tbe Money Goes. 


930 a.m. Canada Five Portraits. 
1035 a.m. World Cup T8. 12.00 A 
Handful Of Songs. 12.10 pjn. 
Pipkins. 12.30 .Andy’s Party. 1.00 
News, plus FT index. 130 Help! 
130 Beryl’s Lot 2.00 Merry-Go- 
Round. 235 “ A Queen Is 

Crowned.” 3.50 Sotderman. 4.15 
Four Idle Hands. AAi Magpie 
In Ireland. 

5.15 News. 

530 World Cup 78: France v. 

RADIO 1 W7m 

(S) stereophonic brood cast 

S4I0 a.m. -Vs RuJi? 2 7.0J rjv ( Lw 

Trans. 9.00 Sinsn Boies wish rhe Raijlo 
I Rojdrtsiix. 1131 Pjul ::il!u(1iii 4 
ma p.m. Xv-nbNI. 100 Tony Biacl- 
burn. 0-31 J\id Jv.Tson mouJiru 5J0 
'■ -.■•ibcji. 7.J0 Na: whuvrnr-h ard :hc 
V -.1 ;(||]ior .«.rs <S‘ 'Min? Balm !• 
10.02 John Pe:l iSi. 12-00-2.02 a.m. As 

RADIO 2 1390m and V11F 

3.00 a.m. N.-ws Sirjmiry. 5.02 Ray 
‘7" »-r b Th.. EarS: Stow >S> inr’Bd- 
ing 8.15 Pause for ThovlK. 7.-2 Terry 
Wiwan iS> indud-.nfi 8J2T Racine Bulli-un 
Ji'l E.45 Paus- for Thiuibr. 10.02 Jimmy 
Viipnc iS*. 12.15 P.m. Wawnrrs" Walk. 
” ! 1 'ilirn'.'* I*™ l| H'"IV 'Si 

loduOlns IAS Spans Desk. 2-30 David 
ileiiiii'Kii '&•< 2.45 eud J.CS 

Spr.ns DvSK. AM V,’assP=Pra' Walk. aJG 
Sports Desk, a .50 John Dunn >S • luclud- 
Ins SAS Scons Desk ar.d U2 Cros^- 
Chantn-i Mo:r-^4 In'orir-anoii LJ3 World 
Oup Scons D.-vV 7.62 ■»ai Wbilwnb and 
1*1 • MiC'ou \-js 'S‘ '-I Sjfd Paraih.- 

Indodlns 7 JO Scons Desk. 8-flZ Jobn 
lirLiur, Ltj‘-Jiic:s :a.- BBL .tadm Ondtcs- 
, ira I" 3AS f-n-ay Naih: I- Mu*lu 
Nielu 'S'. 9JS S»rj Desk. 111.82 Km- 
Spin. 10.30 l^.i'4 r.c Ljisp wish Carlo-: 
Romanos B-c ILC2 World Cui. 

Pi port, il ls Br;w ;.:anhcw ip^ojut-i-s 
Bound SfM'.-SlR I'lC.'ud-r.i 12.00 \rwn. 
L15 a.m. A!Hkn::'u v Hungary • report-. 
2X3-2.92 a.m. Ntn Sx.ia.vy. 

RADIO 3 ■‘61m. Slereo £ VHF 

( 0 ) quadraphonic broad CAtt 

ASS a-m. V.VoSh-. r 7.00 V-u's 7.05 
nvenaro 'S., s.M News, s.os aicmms 
Concert «5- 4-00 " M Th : Wo.-fs 

C(inipiK-»; CiamJu MlHW1iTi:i iS'. °.95 
BBC Northern IrcUod Orcttcura iS). U3 

7.45 Winner Takes All. 

8.15 Soccer Celebrity Squares. 

9.00 People Like Us. 

10.00 News. 

10.45 RusveJ] Harty live at Tbe 
Royal Albert Hall. 

1130 Police 5. 

11.40 How To Stay Alive. 

12.10 a.m. 5lar< On Ire. 

1235 Close — Xanthi Gardener 
read.s a poem by Anuelene 

All IBA Regions as London 
except at the following times: — 


9 JO am Animated Classic. US pm 
Anslw News. 3 JO Valley of Die Dino- 
saurs. 4.95 About Anglia. MJD Probe 
Special. UJO Friday Laic Film: "The 
Delians Ones." siarnng Tony Curtla and 
Sidney Pokier. 1M m.m. Your Music 
at Nigbl. 


*35 am Sol nl hies ol the Sun. US 
Boncy. L2B pm ATV NcwsdesK. U» 
Today's People. 3J0 The Sullivans. 9.95 
ATV Today. 10.40 The Oliver Peed Sur 
Movie: "Zero Popalation Growth." 


4 JO a-m. An mia'ed Classics »Tbe Blade 
Arrow. 1031 Tbe Undrrsea Adveniures 
Of Captain Nemo. 1U0 P.m. Border 
News. JJ3 Dmomuti—Dog Wonder. 4.45 
Lookaround Friday. 10X0 Borderers. 1U0 
Love Boat— L tl2J5 a.m. Border News 


LIB p.m. Channel Landmine News and 
Wbai's On Where. 3J0 It's .Mnluy ihai 
Counts. 4.4S Valley ol the Dinosaurs. 
*33 Channel News. 1038 Channel Lsie 
News 10.02 Late Night Movie. "The 
Naked Ilunner.'' UL25 a-m. Ni-wa and 
Weather in French. 


10.20 a-m Kirsi Thing. L20 p.m. 
Grampian News Headlines 3 -SB Pajnt 
Along with Nancy. 9^5 Grampian Today. 

7.45 The Entertainers- Tony Monopoly. 
10.80 Ren-'CUORS followed by road report. 

10.45 The Fridas Film "Alcairai 
Crp re sy" jumis Robert Suck. 12A0 
a- in- Grampian Late Nigh' Headline*. 


9J0 a.m. Cloe Club. 930 CJappertoard. 
L20 p.m. Tms Is Yoor Right. 130 The 
Amazing World nf Kresttn. 3J0 Renmi to 
thy Placet ol tbe Aoea. «^S Granada 
Reports. UL4D Reports Extra. tlUO 
Great Films of lhe Century: ■■ The Lady 
Vanishes." suurlns Margaret Lockwood. 


9.Z5 a.m. Sesame Street. L20 p.m. 
R.port West Headlines. 13S Report 
Wales Headlines. UO Look Who's Talk- 

Young Artists Recital iS*. 11.25 Crtrket: 
first Test. Encland y. Pat.-.iarr com- 
m. niary. comruuuts and stjninian-s. 1.35 
p.m. Vrw* 2.40 Plartirli 2. BO Lonch- 
tim-t seoreboard. 2. 003. S3 >: mtinvuiary 
uith t.'jiunL and c!om. ui .'intnari' v 
6.*0 UleLn-g- Lel-ur- a:..l «• •.-regli»:i. 

r.49 PUtUdoWHa ’ir.ic-:r.i -S- 3-» 

Pt»l!adelphia— A Habtiabli- Cry 'talk by 
p^trr Sh.phird*. 9.D3 Srnuel Barter 
recital 'S-. 4.25 Pearl 4.50 In'enireia- 
•iobs on Record <5<. 1030 Mu.u- .Yuw 
1135 N' »•« 1L 40- 11. 45 Tomsht's Si-ttubcn 
Song *S ■. 

VHF— *.00 aan. open Univer-itr. 7 * 
with M »v 1235 Three Royal Choirs 
Sinj: C'MV'ai.'in Music -S and Q1 
LOO p.m. N-ws LBS Pbybili iS*. 1-2S 
Hjwi'lls' Piano Quartet is* 2 .00 Royal 
RCP-.-rfrtire iS*. ABO 5»no Rertral W’. 
4.45 Th... YOinia Idea -S'. 5 J& Open 

I’nlntii'i. “ao With M "W. 


434m. 3“0m. 285m and VHF 

US a.m. Nei.'s 637 fanni'iic Today. 
*35 Up to ihc Hour. 7.M News. 730 
Tnday. 735 La to 'Iw- Hour icontmaed'. 
8.00 Krw*. 8.10 Tudjv in..'ludirue 135 
News headline*. wjitiiT. p.ipers. st^jrr 
•except SW -.n'l Eis-'. 3.45 4 Hanllul ul 
Vufi 9.09 -i s. 4.05 L>» Tmw. 9.35 
» Bar fnr 1D.00 News. 

1ILQ5 Checkpoint. 1030 Dally Service. 
U.45 fj.i— ln^ 110a v, 1LSS 

Th'- i.Ai!irj:rr>i'J. .r. K jr!; - ■urKim r. 1130 
L'ti'-rj iroat bverrarnere 123B Nrws. 
12.B2 pm. Via .Hid '.in:,. 12.27 Quj-c 

. . . ■.■iiUUulv ‘S'. 12 55 Vt . jther; pro- 

stjli'li J M 1.33 Th.' 

Archers L45 Woman's Hour front B trains - 
iu:ii ti^lddiXi 2.03-2,02 . 2.35 Lra-n 

v.i:b Until* r. 330 N-:-* 2.05 Alt- rnoon 

T"C*'re IS' 4.00 N - 1 '^ 4.CS Royal 
O.-CJSiunq Awn. *35 Str.ry T'm«*. S.09 
I'M R-purf 5*3 Enajir.’ vviihm. S3S 
Weather; programme cents. 630 News. 

ins. 100 Women Only. 2.25 The London 
Nobody Knows. 330 Royal Bath and 
West Show. A 95 Winner Takes AH. 7^s 
Rcriort west 8.00 Report walcu 1BJ5 
David Niven'S Wnrld. U35 The Late 
Film: ■' WiichBndiT-GeneraL" 

HTV Cymro/Wales— As HTV General 
Service except: L3-135 p.m. Penawdau 
Newyddion Y nydd. *35-4.45 Camau Can- 
to mil. 7.45*00 Y tiydd. 10J5-11JIS 
BKicddfod G'.ncdlaethol Yr urod 19i*. 

HTV West— As HTV General Service 
except: L 20 - 1 . 30 p.m. Report West Head- 
lines. 8-00*35 Report West. 


19 00 a-m. Ttte Bishop's Mill. 1.25 p.m. 
News and Rufd K'-port. UO Mr. and 
Mrs. 3-5° Paint AJorw with Nano' 9.50 
Scotland Today. 10-40 Ways and Means , 
11J0 It's Friday ajxl I'm Sieve Jones. 
1230 a. in. Laic Call. 1235 Love American 


435 a.m. Sean the Leprechaun. 939 
Rhubarb. 1.20 P.m. Southern News. 130 
The Electric Theatre Show. 2JB Women 
Oitlr. 330 Adrcnnire* In Rainbow 
Country. 945 Day by Day Including Week- 
end i channels s. 11. 2T. C. 58 and GOi. 
445 Scene South East Including Weekend 
i remaining channels*. 1*40 Opinions 
Unlimited. 13.10 An Audience with Jasper 
Carroll. 11.93 Southern News Extra. U.S# 
The Laic. Late Show: *' The While Wall." 
starring Harriet Andersson. 


430 a-m. Th. Good Word tollowed by 
North Ea«r Nows Headlines. 435 Star 
Riders. 430 Phantom PUoi. 136 P.m. 
Ynrth East News and Lokaround. XJO 
Our Of Town. 330 Funky Phantom. 9.»5 
Northern Life. 10.90 Sportsume. U.15 
The Friday Klim- " Tbe NiKhl SlranaK-r." 
1235 a.m. Epilogue. 


130 p.m. Lunchnmc. 330 Master OkH. 
4.05 Dodo l hr Space Kid 4.13 Ul»i-r 
News Headlines 4.45 Cartoons. 5.00 
Kroortx 530 Police Six 10.40 Tw.i at 
1 11.34. 1030 Friday Film "It" siarruiK 

Rudd: McDowell. 12J0 a.m. BedUmc. 


9 JO a.m. Wunbtnda. 1030 Inner Space. 
i? aa p.m. Cus Honey bun's Birthdays 
UO Wi'Vtnnl News Headlines. 330 It'S 
Ability Ihxt Counts. 4.4S Westward Dlurs 
and Sports Desk. 1038 Wosiward Late 
News 19.99 Late Nifihl Movie: "The 
Naked Runner." siamn? Frank Sinatra. 
1235 a jn. Faith for Life. 


'430 a.m. Timn. 1030 Tb>- Undonea 
Adveniurei of Cap'am Nemo. 130 pjn. 
Calendar N-wy 1.10 Housepariy. 330 
KanJcy Phantom. 4.0 CaU'rolar. IBM 
"Preliy Maids AU in a Bow" stamms 
Rock Hudson and Angle Dickinson. 

530 Gome Wa*ys 730 Ni-ws. 7J»S The 
.retiirs. 730 Pick ot ihc Week freni BBC 
■>liu and Television iS>. E3D The 
■»onr(u) Ht-Mury wi in- Balkan Thrones. 
530 Viy U'e-nmic.' 935 L- ll> r from 
Am.ri'J 4.23 Kul- nlus..up< . 434 MYiUlK-r 
10.09 Till- R'lfil Tonn'lil. injo V.'. 
En1'3J . . 1^'. 1035 My D-liclit. U.09 

A rtouk ai BedUmc. 1135 The Finauclal 
V.’.d.l TimipM. 11.33 N"irs. 

Evps. 7.30. Mats. TWurv 3.0. Sals. 4.0. 

of 1976. 1977 and 1978 

Sunaav People. 


AUBERY. 836 387B. Party Rates Credit 
card bkos- B36 1971-2 from 8.30 i.m.- 
8.30 nm. Mon.. Tues.. Wed. and Fei 
7 as p.m. There, and Sal. 4 30 ana B 00 


ABLE TO SEE IT AGAIN" Dally Mirror. 

ALDWYCH. 336 6404. Info 636 SX32 
repertoire. Tonlnht 7 00 *rst nlohr 
CORIOLANUS. “ The strongest, clearest 
and mo« ronsJsleni Shakesoeare I havp 
seen anywhere for years." S. Times. 
With from June 13: Strindberg's THE 
WAREHOUSE f**e under W) and at the 
Piccadilly Tbeilrc In Peter Nfctiois* 

AMBASSADORS. 01-836 1171. 

NtnliTIv ji a 00. Mat Wm* 1 2.4 S. 
Saturdays 5.00 and 6 00, 

The Wnrld-tamous Thriller 
*' Seeing the play attain 1% In feet an 


Olivier (open stage): Ton’t 7.30. Tomor. 
7*56 7,*J (red pr. nrevjl MACBETH. 
LYTTELTON (proscenium stage): Ton 'l 
7.4S. Tomor. 3 & 7.45 PLUNDER by 
B en Tra vers. 

COiTESLOE 'small aucHturtam)- Ton't & 
Tomor. B LOST WORLDS bv Wilson John 
Ha ire. 

Many encellent cheap seats all 3 theatres 
di> of pen Car park Restaurant 92C 
2033. Credit card bvgs. 92B 3052. Air 

° tD VK: - 928 7616. 

May 29-J un* 3 
Tn- international Turkish players In THE 
TURKISH CLOGS bv Necatl Curtail. A 
musical remedy In English baseo on a 
Turkish classic. 

Today at 7. so Sat 2.30 a no 7 30 . 

A Week oi 5t>rda»s June '1-17 'f’a 
Blair Julian Glover. Harol* Innofrtt 
Oerek Jar obi John »T*t. Prone 1 1* Scales. 
Jimclhy West. Timothy West as Svdnev 
Smith In 

Derry Jacobi ai Bvren ,n 



Re-enter Agatha With a not 
duimlt hit. Agatha Christie Is st . 

West End yet again with another 
fiendishly Ingenious murder mwart w. 
Fella a artier Evening News: 

WAREHOUSE- Donmar Theatre. Cowm 
Garden- 836 6808 Royal Shakesogare 

Comoany. Tanfghi 7.30 OaWd Rudklrti 
THE SONS OF LIGHT. “Sheer noetic 
nnergy Guardian. All seats £1.80. 

Ad». akos. Aldwych. Student StanddV £1. 

■WESTMINSTER. 01-334 02B3. 



Eras. 7.45. Mat. Weds. 3.0. Sat. 4.50. 

WflTEHALt. 01-930 8652-7788. 

Eras. 8.30. Frt. and Sat. s.45 and 9.00. 
Paul Rarncnd presents the Sensational 
Sen Revue of the Century 

Otw to owrwbntmlng public demand 
Season extended. 


Twice wgntrv 5 00 and 10 - 00 . 

Osch Sundays B OD and D OO. 

PAUL RAYMOND orasMts ’ - 


Tak es, to unprecedented limits what la 
permissible on our stage." Eu. News. 
You may drlnlr and smoke la the 

Rfcii 0 ”™^'.™ 836 .* 02 * cretft cant 
Bkt». 836 1071*7 trom 8.30 BJ«l. » 
8.30 o.m. Mon. -Thors. 8. Fit. and Sit 
5-1 5a B.30. 

M v«v gmL • . 

Mare O o M.,tey A , S¥& h,, c C«««dY . 

Supreme comedy on sex and rongtae.”- 

“ W,TH 
LAUGHTER. Guardian. 

BBC Radio London 

206m and 94.9 VHF 
5. DO a.m. As Radio a. LB Rush Huur. 
4.09 London Livr. 12.03 p m. Call in. 
2.DS IO* Snnwcas*:. 4.U Home Run. 630 
Lumton Sponi Desk. 6JS Good Ft'hmn 
7.00 Look. Stop. Listen. 738 Black 
Lwidnii-f«. B.H Track Record. 10. BD 
Lale Nl£h< London. 12-00-CloM As 
Radio Z 

London Broadcasting 

261m and 97.3 VHF 
S.90 «.m. Munv.nn Music. 6.00 A M.: 
mrr-stnp fi -ws. informanun. travel, spun 
and revt- w 10.00 Brian ((ayes Show 
LCO p.m. LUt: Me ports EDO GL,in:.- 
Gale's 1 -7 CI'KK C:'ll 4.D0 LRC Kt-purtS 
i>.-ui)tiMtes' 3JI0 Alter BiRht with ran 
GllcOT»*:r. 4.W Yl kMI'i* trlrh Alan Shi. 
LOO a.m. \uh> Lura *Uh llu«h Wiiluins. 

Capilul Radio 

134m and 93.S \T1F 

b_00 a.m. Grahant l'. ti-.'> Ureal Iasi 

Show 'S" v.oa Mivm-iiI Svj.1 12.08 

Dus- C-ish ‘-ii . .04 p.m. Ho.', r Si>>tl 
iS*. 7-M Luli'lon T 0 d. 1 L >?•. 7.30 Hv.iil 
tut- D..l..ut.— D- r..ii'.'.'— I'u. v H-'lalli Siami 
a Ku-Hinp Gh.ian" 9.00 Nicky llurn.'''. 
Your Mu:h-.r Wuu.Mn'1 It «Si. 11JW 
Mtkr A is it's Late Show 'S' 2.00 aum. 

Ian Dav.Jton'3 London Lmk Inietnaliu.ial 


, ’lt C ' 1 c A, ? , ny', Y y 437 4 « C r “ 011 -XAs 

R36 1071-3. I.jO a.m -B. jn p.m 

Eras 6 . Sat a . 45 & e IS. «v»d. mat * 
Rov Si Shfketrcare Comaiiw . r ” 
oy P*tur Nichols 
Riproar ire V.ufflss " r , tvn.n.« 

tv Std. Awin' ana SW.E.T award 
p, 'W ^am S hi- rcH nm„ 

v» A be Mon -Fr' 7 JO ] JO a i?d 

8 o.m. JV“d Mu at *. 





TutI5 tN Ap£ L fi% £®pp' Camden Town 
4 * 5 2443 Brigitte Fossey In LE* 
7 0D A *9 0B DU PlACARO »AA». S.OB. 

Tottenham' OJlSl 

4.35! e™ 

—«5. Late show 1 1 

?! CharHon Heston GRAY LADY DOWN 

&k p i r ? , U: ,D - 3 “- 805 » r “' L>te 

UNSi W m 

*J. German Dialogue — English * uhttW**. 

1»0 P. ° 1 IS, LMC ihOW 11 '® 0JB - 

JjS2 N f« 51^ Y, !5 ARkET 1510 "27X8/27711. 

*00 a 9 3 Sn 

11 Ji’.l, L«F Show Sat Proa. Com*. 

PAUt wur>—n 

- . _ . EROTICA 

and 'TUJLI' n •'» j 


E»ns. B 30. Frl. and 5 j: 7 

" Liesmt goad^hjmwrey era 11 na ■■ 

A new 
"Caustic and Comt ■ Tin,- 
" Show srores m mat ■■ p rn 
Unda Th*man . j revrtat-in • 1 

e bae| 

IS? nu ®- 

ibis tinj^ 

- betvresu 
r *»ii bt 

ja s lour. 

'mch \^| 
■ihods ( w 

f ?. ihi, 
•base Wn\ 
to arrejj 
^ to mi4, 
«nds viable, 
*ork w'liijj! 

those cwa. 

3'-40S Met 

» £: co - OS 

s 00 ns 5 S 

■S in 


ia- s -Mi: ci*. 
T.a: nwi t*“ 
ow.y. • 

; £ ~ T“i ^ 

jrtc Prffiif* 
Urc. T.n^' 

0-53i iiii 
DM :3HT| 7 

* 1 U*6t ifc 


It. i *1 «r- l f, 

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1-Sr> r*C 0> '. cca 
i -j; ■: 


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ing> g?4 nr 

•’’’•I*! IS 

JIC ?5-9TS,i« 

• •. ;:i» ; 

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■0^ *"V V y M -*?■ 




J. I; £• ?? 

ON. Re* «J y>u> 
S3 2J"' 1 . T/!<!9 

•<* =iZ r TIE 
1BIW J --.r •* I. 
it T IMPEST .a 

ft Yii} i.tJir- 
S»-.r*-i : »■: l 
Knis’.ii s 



r " c: •:* 
a ;**■» ■*» Mi- 

7S0 Hi 

• Cinema . . . 

u? t J 


W orth shouting about 



A clutch of new players leave Peggy Mount, who has taken 
Michael Biakeruorc’s production over Mrs. Hewlett, does not make 
of Plunder, the most ingenious!'* this mistake. Nothing that she 
plotted farce l can think or. as does 15 not in character, and 
.ni nL . a hi A ^ . consequently she is as funny as 

enj >able as it was a couple of she j s conv ineing. She is a very 

years ago. suitable mother moreover, for 

le.Shoitt (AA) Warner 2. *5-,A fi ]?’ hovi ^ er - it is not Theatre. 25 Tottenham Street is hitting whom and with what The principal changes are in Trevor Ray who repeats his dfr 

'Classic Oxford Street- eQ °b fi r 10 sa > tbjs: we duly W1 — premises previously oecu- lethal weapon As the reason-: the parts of Freddy Malone, the bsbtful performance as her son 
_ 6ee glimpses of the musician pied by the Other r.inpm.-, Th P able Brnnk-sidP .heriff cava to the Untii-man rr a rt« m , n Vir. Oswald. Prudence. Freddie ssoi- 

Harlan County ; U.SjL (A) ; Scaia 
Kvl i^tenfin films .National 
..r Film Theatre 

part, and Miss Wilton and Polly 
Adams need only look winsome, 
save now and then when Miss 
Adams has to look conspiratorial 
as welt. There have to be girls 
in a play of ibis kind, but Mr. 

icgeh'd.-.'^Now "a stun Din 

optimistic i? ,1 H re to satisfactorily describe picket lints: singers shout their h„\7 ™ anv _;„ d whieh—iiems I ,s al Scotland Yard, under in* ^ v. .. .InliKiv km* th»m 
Ing film." horrors Graves could merely protest songs on the soundtrack. been^losi Sre un. lear but tcrro - ation for suspected burg- orlhl wa^fthc ofm * 
m adanta* hlnt at <Graves left ibe shout s The film itself is one long shout Vnnnn ffnJ . TiiSIit i* Mary and murder, he treats the 0U I of lhe - of “ c plot * 

Jerzy ; SittiHmowski's film “adapta- hlnl at < graves left the shout's The film itself is one long shout io qm lilies TmSlv iilente) is iary ud murder, he ireats the ou * 01 lDe / OI u 

tion (a British entry at Carmes) ? ound entirely to the reader's —an impassioned, completely the gloomy total beiti- quoted It Chief Constable (Koben Howard) The production 

runs- to 86 minutes, which, in ima smatian). But it also serves partisan war cry hr behalf of cpr ,.p. nc * inSam-hnU- rerninder as ,f he were a neighbour, swop- smoothly as silk 

Trip, y v»5s ssssesss aass o«. 

T" — wh ° s:ssr a-” 0 " Uushib “ i£«H Irl 

if l ^ r hoart ,y of^El ’s£iS^ Book Re wews appear *n [" T“ cl i; s !!in ^“ySi'by 

apply the -adjective .“stunning" ^ theheartpfTheWwut is rage lo able aems from thc Dast wH1 be Dinsdale Landen. Something " i J5S 

a^nss^^uS? 1 & ^ o wn ~^r ^ ^ ^ ^ i? sssr™ x ™ a "r s? 

S ]&),%eto Eh U ma2y e wa“ 

excellent and is certainly the or -»<lWtt:tn Ntrom Dogs, y here 

could be much rarer than the Ben Travers has 

pretty busi- 
] am think- 
police short- 

Penelope Wilton, Dinsdale Landen and John Standing 

Sioned Williams 



Peter Allen 


, u, u ^ w . w iule fi . rk _ Wp I crimp Kplu -.nri nil ruling a Imp nF ■‘•vwioii mu. .. > ijli iuji 11 wim some exira i\ewarK). HIS OimClIllieS 10 

Rvmg among the Aborigines: as Tjji ® bv he ! - aftaeRhe^Ste a £ nfteh more col,crted and roslorcd h >' Enno laughs is no excuse. If the lines notins down such a stream of i 

the film 'opens he is' ail inmate p^u^skoUmoSski after ^ome fntelU^nt and P.-^u^ixe Ter Pa,a,as lhe Munich Stadt- were played simply as ihe author incoherence ultimately lead him B 

of a mental asylum and scorer silMceTnd uncmalnh- UiS y iherS can duubt ln,l8CUU, - wrote them, the laughs would to crumple up the whole thing L ‘™ ,rd Bun 

^l? aua )' match. Q np ' f it s special pleasures is about the miner-* aooallins con- Valentin's name may well mean come ju,t the same. They came and pitch it into the waste- Penelope Wilton, Dinsdale Landen and John Standing 

! n t 5 b ; ^ ^ sight of the English land- ditions: neither can there be any more to student or Brecht than happy to recall, paper basket. 

scape seen by someone who still about the blithe corruption and to students of film. In a 1949 for Ralph L>nn. B. A. YOUNG ■ 

th* retains an East European pers- wilful ignorance or those ranged interview Brecht listed some of 

none ntbpr Hsln pective after much wandering, above them— the right-wing his influences thus: “As play- p UPCe || p nnm Madisons 

delighting in the bizarre, union chief Tony Bovle tousled wnght I have copied the r’Urceil Koom Wiaoisons 

mmseit ... (impersonated in a irrational side of life. The in the 1972 clertions) who was Japanese. Greek and Elizabethan fl* 1 ITT'll* All 

tehcious piece of easting by Tim asy i ura scenes are full of this capable'of arranging the murder drama; as producer the music- lA/ ll ll^TYlQ Hi. 1 I 

Curry). ^ In b is story he d isrupts — the cricket match blandly con- of a left-wing oiiponent; the corn- hall comedian Karl Valentin’s k3J.Vy JLXwLA- VY X t/Lt/JL xxAXwJLA 

*tr*v '“frstyie- a* tinuing ."while r peacocks strut, pany people who can reduce the groupings and Casper N T eher's 

■* H Lif5!S * - T u e c°ws munch, and an inmate number of miners suffering from stage sketches.” Certainly the i a D T T-T 7 T 7? TAPHR^ hv ANTONY THORNCROFT 

ySjWjJJ’t. ®” el {“ t John collapses backwards off his chair “black lung” to Infinitesimal, “groupings.” as seen in Valentin s AKIHUK JACUDo P> AlVlL/lvl inUKlMLAUrf 

Rachel {Susannah 'vork) and a proS^ontiSstfSre 2nhing?n« Kopple^awail^th^^ avdienre^o SlSvrThararteKand pi^ are c A * nlliaIlt young harpist. Sonata, was totally convincing In j The supper rooms that have variations in pace, that make his 
lot _ of 'electronics equipment. dSffis-^ikes and milk bottles heavily with ' emotive aminunl- bunched together against a%are Sjoned Uilliam*. proclaimed her the flamboyant music of -Andre j been sprouting up all over act so appealing. Peter Allen can 

Anttionyhears the shout early arebnwquely towked river; tion that there’s a real danger background - the style even «! s «n \v As a Caplets two Divertissements. London _ weil< Country Cousin moony ”1 honestly love 

one morning- out on.' the sand Ra r be!, -.naked on her bed, \vmpathe lie viewers may retrSt appears when cameras get out £ SlnS/SS? ^ Cbeise. and now Madisons al 

SS£w SS S SiSS ^ ~ » %A3& T'-rr-r ?* » - “■ - 

Rachel - .comes , more and more speaker in Anthony’s studio. In YoiMonski and (during the strike within the “ groupings "—knock- SjJStmV’e ron’n/fer cn^n 5hS- oT’iiiLK i lKf Under ' en,plo - ed American Probably Peter Alien has per- 

uirder the - power .. of . their retrospect, parts of The Shout itself) the young miner Law- about clowning which exerted a e " 1 - * po thf vmVnn cabaret arl,sts wbose greatest formed an identical act in every. 

raysterioOS-yisitor. . may'seem muth better than the rcnce Jones provide occasions strong influence on Brecht’s “/-aJ-JJai cu? S muBi?lai north e \meJt?JnOilalinede S la Mar- attracti o n has bee n their novelty, cabaret bar from Alice Springy 

SkolfnmwsTa and whole, but it is still a film to for unseemly gloating: take, in earliest work as a playwright and **.' ^Vh fimir™ ihi E Srl of $£2 fit et Academy) proved At last one has surfaced who is lo Acapulco, but n retains a 

Michael Austin have made an ex- catch , particular. Ihe weeping and became one of the many ways , VI!--',, e ij*u 01 , n k ,a - i? ii A j « P ^° V | Q freshness and a niceness which 

cellenf job-of fleshing oiit “ ■ * Elapsing procession of friends through which the alienation ^,^. nC ^ii nve riVr^5ir>« freaks ahead -of lhe paicK - is irresistble . whether be is. 

Graves’ Skeletal ;plot with cine- .Shouting of a different kind and relations past Jones's open effect could be achieved. fnM iVs \vl U i a ms's sc i ection^ CullifSrri lodeni onstrate m aslerv A te J’ hdpdin? ll t dt Playing, joking, dancing, or just 

marie. ttetaUJ Th-ffie story the bccurs in Harlm County U.S.A. bier. And all the indignation Valentin dulv appeared in hose da^ of adianc^ flu^^^^^^ Madisons for the next three staring with those bright eyes he; 

husband.Sr^. daily - occupations Barbara Koppte’s Oscar-winning about pickets being opposed by Brecht’s one fling at cinema sonatas in which a minor com- (including u!e sounding of two weeks ‘ ‘. s entertaining. Madisons, too, 

receive no- mention. . It .fs film about striking miners in hired gun thugs becomes a little direction — the 1922 Mysteries of poser struscles, to dn with the notes at a' time) while the pianist Peter Allen is bizarre, and not •’? not bad - a cb ^ w ^ r 

5SS£«!!^«*h; C Z‘ « full of *£ «.*.*•, «h« he Sent’ oVer^e ,niir™e P mto „„!>• because he is an Australian. d >""fr will, your Allen for £9. 

SUM' e.rT 'SmSftfSS? usefully r0 * di '’ , . b “““ u ; . .. .. ^rpliSi.forp^ni?^ GlwS (S3 H * is a sopbistiM,ed .”»«• This is culte a week for peW. 

afudry oue- opening attraction at the Scaia shronOing detaiis ef exact, y who Iff" ~°s ^n^' ^Zta ™* «,"*• , g * ™ »n« writing piano player. l At 

be drawn from the same reper- rhythm and sense of line and successfully accomplished, the oan 0 mg Lae piano ukc Mortons the American Bruce 

toire which every early comic f hading, even such worthies as last movement tending to ao demented Mrs Mills Roberts made a stylish debut. He 

used. But as with Laurel and h rumphn,:7 and . Phl *PP J *” b undifferentiated scramble. is c -oo' . , and smart intellectual nrovider 


a lucky' n 

'V •!? 

m-dinV^ With h s snindiv brot.cht nut the /olnisr's variety I rejoiced that a young per- 1 married her daughter Liza „! "' n * LI J' 

hi? l nfm-heli ^Fapp 8 decor Lied tTth !of ,ono i nd her ability to cope former whose personality I hadIMinelli. But if they gave him niuV,n «- ° ut l , td ^ J hl h ~ • 

Mnr.fiv ^hicifLrc\nH C u r r-. l U:» nn!!l i chords of -even and oven thought somewhat inhibited a the early experiences his own wrote with ‘-a role Bayer Sager.. 

y inTic ■ • thniiah i!v eight untcs. Her expressive year ago has now blossomed as song writing is more recent : and are either witty or reflective and 

™,r?iV Ac Tcitvl I power, which missed one nr two a rare catch on the concert tremendously varied. It is the there is a cult somewhere wail- 

YiS' points in Germaine Tailleferre's platform. mLvture of styles. Lhe sudden ing lo adopt him. 

the best comics, the world and 
its objects seem permanently 
against him: take his attempts 
to successfully adjust the 
respective heights of a writing 
desk (too large) and a chair ftoo 
small) in the 1915: Der Ncue 
Schreibtisch. His partner in 
most of the films is Liesl Karl- 
stadt, whn provides the foil no 
matter what sex or age the sketch 
requires: in one she appears as 
an orchestra conductor, in 
another as a vouns confirmation 
candidate. The fi.15 show is 
entirely devoted to the silent 
films: the next session at 
takes us into the sound period, 
where dialogue (unfortunately 
for English audiences) dominates 
over the visual fooling. But nn 
student of film comedy for 
Brecht) should miss this chance 
to see the work oF a man who 
up until now has been just 
another obscure name in the 
textbooks. I 

Make sure you 

■ Malvern ^ D 

■ Aiter-i^v^ ^'SbaW icaate (1911), alongside Elgar’s Music that lay closest to El] 

Elear's ’second Jtfafcm (1932). performed by the ’.a sharp warning agaii 

of tlur revived ^talvera'Testi^a ‘-Malvern Musical Society. On Ing his music : exclusr 


El Igor 5 'Ujru.v tU piJrTUiE ?gnvHH « My. « v— — f - l — — * 

of th^ revived ^talvenj;Testjya!s, -Malvern Musical Society. Oa 
his nrusft ’^sl' jrtf-: Jane 11 . Liverpool forces wlj , 

scntBtf a'mohg hi&:contgmporaries give King,.Qlaf. a. work stul not 
and cOmpatrVpts.^./TKe^firsr ie-. . in.the repertoiy, ^but composed 

citaL was^ 4 >y?{&et-' in:.MBlTem. and Elgars first « 
ConSortjbfr^ngtish jausit Aifider gain. «ore . than regional recogm- 
tbe -two EG7^beth^: i .Th<secpnd;.._tioir. ;It;is good^io see; a festival 

of ^un^^^r^Sn.^WHUS-.pei^ -stfengeieD'mg Its local rpote, 
formed Sbirfey^uidc.;; planjiing around m»MicaI ref^r 
Fefer, ; Ore-^d^w*^M^ox, enc)K taifaer than star -perfor- 
was to : Vord5;BS;i^StevensoiU' meri'^and presenting works out 
wbom^ Ekar .i-cqiisldef ed: ' ; ^so - of the , common run. _ . ^ 

Ah. riup’x fjml and: fidn Sunday, the first of the 


than =A3sb ihis webk 'bis; playing was 5weeT, “ na ^5 t ^ d 

that lay closest' to Elgar’s style, 
a sharp warning against reckon- 
ing his music exclusively in an 
English context. 

.- . The concert' closed with the 
Variations. Op. 3fi. JeiTold 
• Northrop Moore. - in a talk that 
r afternoon, stressed that Elgar 
called the theme only “ enigma.” 
-'evoked . the personalities en- 
shrined— some of whose descen- 
dants were, in his audience — and 
came down firmly on the side of 
the . enigma's being in Elgar's 
personality, not an unheard 
counterpoint. iThe authority for 
a tune rests with Elgar's first 
biographer. Buckley, wbo stated 
-that facts in his book were cor 
-rect: -though a readme of his 
/■correspondence makes it believ- 
- able that, in all good faith, he 
/might ' misrepresent the com- 
poser. Elgar, however, let the 
/statement stand -unrefuted.) 
Sadly, but for. Elgar's sake it 
-must lie said.- Christopher Sea- 
man ’s conducting of- tbc Varia- 

tions was too theatrical and 
splashy for festival standard. 

On Monday, before Dvorak’s 1 
romantic yet earthy Serenade of, 
exactly the same date, the LSO 
Wind Ensemble gave Elgar's Six 
Promendades and (another Ger- 
man link) Harmony Music IV of 
1S7S-79. only recently revived. 
Domestic, conversational and. in 
Ibis engaging performance, 
witty, the music is packed with 
individuality but yet quite un- 
recognisable as Elgar. Was be 
setting himself exercises? In the 
Harmony Music he plays surely 
and inventively with ISth-eenlury 
tags, while the brief Promenades, 
a little more fanciful, suggesi 
rather Schubert or Mendelssohn. 
But they are to be enjoyed for 
themselves. How wanning to 
know that this man, to become 
at times so divided and down- 
cast. could in his early twenties 
write music as open-hearted, 
blithe and thoroughly happy as 


Festival Hall 

Forest Philharmonic 

nariop^ Bp/ ^^^axymasses w ; ,^vf: the- other two/pieces in tb€ 
onercetid ent bHsi4smL'^cep ; tab fe ^gramme.- ' . Afym - Alley' s The r 

r sM < sane ’tMJssydHafam frpm Ameri; 

T r ^boorar i f: .of- “Main Stream.” ana me . ; 

unit* it-— outfit* ■ 

fill^.tgEfe' cannot be denied, any more than 

a .jecenf ^g e , wllfinOTes3 of lhe comr 

«fl6 aassss^SS? :»w 

stances. -Htere .'was'- • jW. . ■ Sappiogtos ? S - 1 Veewis J 

because of J 

\ actrrtty,;. , at^^.^ t J^ ^Saud" faulfiti ttie sound- recording sys- 

3®?’ V-s ' 

atuvn.», »- _ xKphaud faoltra me 

Zane W teni. the jP iece started; was 

'» ' lA.-tBfcB.bwa **&>" 


The forest ■ in question is 
'Waltham Forest, and its Philhar- 
monic Orchestra is an . essentially 
'non-professional body. They 
Ventured boldly into Festival 
Hall* on Wednesday night with 
Mailer's . Symphony No. 2, the 
“Resurrection." with the odd 
professional . player tucked into 
1 their ranks and the Philharinonia 
Chorus on baud to raise the rooL 
; The Forest : Philharmonic has 
^tieen conducted , by Frank Ship- 

[ way for K years now, and ■ this 
long-standing . working relation- 
ship is dearly a happy one. 
There -were no clumsinesses to 
-excuse in their Mahler, and the 
-breadth of their sound was solidly 
satisfying — they ' exercise ’ the 
amateurs' prerogative ajf. ua-, 
limited numbers, of course, and 
.this symphony thrives with 
-massive forces. Shipway’s tempi 
were judicious, dramatic, well 
held; there was a suspicion of 
stop-go only in. the dangerously 
sectional Finale, and at least the 
offstage brass kept their nerve 
and their cutting edge better than 
in many another assault on these 

apocalyptic heights. If there was 
a small, endemic weakness in the 
playing, it was an inability to 
sustain an orchestral pianissimo 
without bulging or wilting; in 
forte, their confident vitality was 

The misleading smoothness of 
the Lfindler Andante was under- 
characterised and tame; perhaps 
only professional strings can 
point it sufficiently without los- 
ing their balance. In the 
“Urtieht” movement Jean 
Bailey, replacing Anna Rey- 
nolds, sounded thoroughly un- 
familiar with the music, which 
went for nothing; she rose 
better to the pleadings of the 
Finale, strongly seconded by 
Elizabeth Harwood. The Phil- 
haraionla Chorus, in magnificent 
form, made a deep, full sound 
in the hushed invocations, and 
an Inspiriting blaze at the 
climax. This devoted ana 
thoroughly worthwhile per- 
formance was sponsored by 
Langham Life Assurance with 
tbc Borough of Waltham 

III' Ill'll 


To make sure you get the most out of the 
Poznan Trade Fair (11-20 June) you really ought : 
to come and talk with Bryan Humphrey our? 
expert on International Trade between the U.K. 
and Eastern Europe before you go. 

He can brief you on the regulations and 
procedures that affect your business. 

He can advise you on who are the right; 
people to talk to over there. 

He can make sure you’re My prepared to handle business 
with Eastern Europe before you go. 

You can talk to him on 01-606 9944 ext 4306. 

And he’ll be at the Fair to provide any further advice and 
help you may need. TM1 find him at the “EBIC House” in file 
Open Space Area, UL Swietickiego, near Pavilion 38, telephone 


■ .>.-*• - 



: ■: 

\ ' 

. ' - *»4 . 

"i ’ 

: '*T27'Vv 



Y’’ ,1 / : ‘ ' "■ : ' 

• 4 -T. ’~ r S- ’ . . 7 : 


midland Bank International v 

MidLniiBaiJkLimilcdjJnliroJijonalDiviiioiJ.riOC/Ji-ci.-Jiiirth Street, London HC.’P.'BN. Tel: Ul-tfcjW, 

.. . w : - jj;, 

ji i.’Si 



1 Telegrams; Finanthno, London PSA, Telex! 886341/2, 883887 
I Telephone! 01-248 8000 

’ ’ ~ . Financial Times 

A controversial cure for mass unemployment. Christian Tyler, Labour Editor, reports, r 


Friday June 2 1978 

Overheating in 
the U.S. 

shorter workin 

JHE SHARP rise in retail 
! rices in the U.S. reported on 

• Wednesday, which caused such 
< hncern domestically and in the 

• Markets, and the signs of 
f ^newed weakness in the dollar 

• ,hich followed, are a sharp 
1 jminder that the American 

tirade — the rapid and sus- 
ilned recovery in output which 
. as been achieved in the past 

• hree years— cannot go on for 
; =ver. The actual causes of the 
i urry this week are probably 
: 'datively trivial and may not 

ast: but the warning signs of 
jut ure trouble continue to multi* 
« 'iiy. U.S. growth will perforce 
1 Uow down, and probably more 
t lharply than at present forecast 
! This slowdown is not only to 
*>e expected, but it should be 
welcomed. Such a sentiment 
■may seem sadly out of tune with 
ihe chorus of growthnianship 
being orchestrated in advance 
of the Bonn economic summit. 
but growth is not the sole 
objective of economic planning 
at present A reduction in the 
U.S. inflation rate and trade 
deficit would do far more to 
create the financial conditions 
■ ; in which other economies could 
.recover than almost any other 
■single development: the level of 
U.S. demand for imports is 
Important but secondary. 

Prime reason 

The prime reason for a U.S. 
slowdown is simply that the U.S. 

, economy itself appears to be 
approaching the limits of pro- 
ductive capacity for the time 
being. The official volume 
indices still show some room 
for expansion, and the average 
forecast based on these figures is 
for a growth rate of 4H per 
cent through the rest of this 
year; but there are disturbing 
signs that the official indices 
may* be deceptive. 

A rapid rise in wage costs, 
especially among the non- 
unionised labour force, is the 
clearest sign. The strong re- 
vival of credit demand after 
the enforced winter pause, 
which is now affecting the 
money centre banks, is an- 
other. Physical shortages have 
appeared in certain broadly sig- 
nificant sectors — aluminium, 
paper and board are on alloca- 
tion. Meanwhile investment 
spending by major companies 
is now expected to rise by some 
15 per cent in money terms 
this year. 

All these symptoms point to 
one remedy: the time is clearly 

ripe for a check to the growth 
of consumer demand. This 
would relieve pressure, and 
make room for the rise in in- 
vestment and for some rise in 
U.S. net exports, which should 
be eminently possible after the 
sharp depreciation of the dollar 
last year. Indeed, given the 
weakness of the U.S. trade 
balance some check to the 
growth of real demand is in- 
evitable. The question is 
rather whether it is to be 
achieved by economic manage- 
ment, or through inflation. 

Recent policy moves — the 
postponement of the proposed 
tax cuts, and the rise which has 
been permitted in interest rates 
— are in the right direction, but 
have not gone far enough. While 
the growth of Federal borrow- 
ing has been checked, the fin- 
ances of state and local govern-, 
meats, which were until recently 
in large surplus, are moving 
the other way. Governors do not 
raise taxes in an election year. 
Since State funds will no longer 
be available to finance the Fed- 
eral deficit, the load on private 
sector savings will be corres- 
pondingly greater. A further rise 
in interest rates, especially 
bond rates, is generally ex- 

These developments will in 
due course check investment 
demand, as they have already 
checked the housing recovery. 
They will have little direct im- 
pact, however, on consumer de- 
mand; and here market pres- 
sures seem already to be a direct 
cause of price inflation. The rise 
in food prices, a result of winter 
shortages, is the most dramatic 
example, but price disciplines 
have generally slackened. 

Normal development 

Within limits, this is a normal 
development, and a necessary 
part of the adjustment implied 
by the fall in the dollar; if infla- 
tion peaks temporarily at 9 or 
10 per cent, and then falls back 
to recent levels, the Administra- 
tion will be able to claim a suc- 
cess. if an unpopular one. How- 
ever, this will only be achieved 
If deficit spending and the 
growth of domestic credit are 
kept under much tighter control 
than is now the case— a real 
test of the Administration’s 
political resolution in a raid- 
term election year. If that test 
is not passed, present fears of: 
faster inflation and a renewed 
dollar slide can only increase. 

Leaving well 

ing encouraging signs that it 
may have learnt the lessons 
from the muddled interference 
of both parties in the interest 
rate decisions of the building 
societies in 1973-74. There are 
obviously even greater than 
usual temptations for ministers 
to Interfere in a probable elec- 
tion year. But leaders of the 
Building Societies Association 
apparently faced no particular 
pressure at a meeting at the 
Department of the Environ- 
ment yesterday and left with 
the impression that any deci- 
sion would be free. There is 
the important proviso that time 
has been left for a further 
meeting before the final discus- 
sion by the Association's Coun- 
cil next week. 

The days of independence 
for the building societies from 
outside interest and involve- 
ment arc now. of course. 
clearly over, as Mr. Gordon 
Richardson, the Governor of 
the Bank of England, indicated 
in his speech to the Associa- 
tion’s annual meeting a fort- 
night ago. Official contacts, 
and probably supervision, are 
bound to become both closer 
and more continuous, not least 
because of the greater relative 
importance of the societies in 
the financial and monetary sys- 
tem. But there is an important 
distinction between these struc- 
tural questions and inter- 
ference in the societies’ opera- 
tional decisions, where Govern- 
ment involvement has not 
proved to be beneficial. 


There are objections on 
grounds both of principle and 
of practical consequences. 
There is no reason why home- 
buyers should be protected by 
the Government from the im- 
pact of a general rise in in- 
terest rates. Purchasers of 
consumer durables on hire 
purchase arc not similarly 
cushioned. The only equity 
achieved would, perversely, be 
with the other major sub- 
sidised group of local authority 

The only half-way acceptable 
argument for intervention re- 
flects the societies' cumbersome 
and costly method or altering 
imeycsi rates. This limits the 

number of times changes can 
be made. There might be a 
casp for gurontmeDt help if ) 
there were good grounds for 
believing that a rise in general 
short-term interest rates was 
temporary. Even so, the 
societies’ reserves of short-term 
deposits are partly intended to 
cover such a possibility. In 
any erent this does not apply 
now as there Is what looks like 
a longer-run shift upwards in 
short-term interest rates. 

The consequences of White- 1 
hall interference in interest 
rate decisions have generally] 
been counter-productive. The 
move by the Conservatives in 
1973 to limit the interest rate 
paid by clearing banks on de-j 
posits of under £10,000 only: 
postponed a rise in ihe| 
societies' rates, while the 
Labour decision in 1974 tem- 
porarily to lend £500m to the 
societies pushed up the borrow-; 
ing requirement at the wrong 
time for the markets, as 
ii would now. 


At present the societies' net I 
inflows are falling sharply — pos- 
sibly down to £150m this month 
compared with £335m in April — 
while their liquidity is also 
dropping steadily. Consequently 
the Government’s indication 
yesterday that earlier restric- 
tions on lending would be re-[ 
moved is completely gratuitous, 
as was the move in March to 
cutback the previously agreed 
level of advances. 

The societies may have to res- 
pond lo the generally higher 
short-term interest rates if they 
are to avoid sharp fluctuations 
in lending. There are divisions 
within the Association on 
whether to increase rates now 
or to wait for a month or two. 
Ironically, some within White- 
hall believe that if there is to 
be an increase there are political 
advantages for Labour in a 
move soon rather than relying 
on exhortation now. followed by 
a possible rise in the early 
autumn. Either way, the Govern- 
ment should resist the tempa- 
tion to make a last minute in- 
tervention next Thursday after 
the meeting oF the societies' 
home policy committee and be- 
fore the final decision is taken 
a week to-day. 

T HE DOCKERS’ union 
leader Tom Mann wrote in 
1889: “Six hours a day, 
five days a week is quite enough 
for such work as we have to do. 
We must not rest until there Is 
not a single man out of work.” 

Tom Mann argued for a 30- 
hour working week. To-day, 90 
years later, the standard week 
in Britain is 40 hours for manual 
workers and around 38 for 
white-collar workers; but Bri- 
tain’s chronic enthusiasm for 
overtime means that actual 
working hours are nearly 46 for 
male manual workers on aver- 
age. In some parts of manufac- 
turing industry overtime is 
eight or more hours a week. 

The arguments of the 1880s 
are returning in force today, as 
British and Continental trade 
unions, with some encourage- 
ment from the Common Market 
Commission, look for an 
answer to high and persistent 
unemployment which shows no 
signs of abating before the mid- 
1980s. Work-sharing is on the 
agenda of most European 
Governments and of the tripar- 
tite employer - Government - 
union summits in Brussels. 
There are some 6m unemployed 
in the EEC countries, of which 
one in every three is under the 
age of 25, and as many as 7m 
new people could join the 
labour market in tbe next four 
and a half years. 

Faced with these kind of 
forecasts, unions are beginning 
to doubt whether reflation 
alone would mop up the large 
and demoralised pool of the un- 
employed. They want .direct 
action; and in Britain, along 
with countries like Belgium, 
the most popular union answer 
is to fight for the shorter work- 
ing week, simply because — 
more than job subsidies, early 
retirement, longer holidays, or 
even cutting overtime — it could 
channel large numbers of 
people into jobs. 

'Both sides of industry In 
Britain agree that whether or 
not the next wage round sees 
any negotiated Inroads on the 
40-hour week — and here the 
shape of Stage Four of incomes 
policy will be crucial — the issue 
of the shorter week has come 
to life this year, and will not go 
away. The CBL for example, 
has started to research the cost 
consequences of the unions' 
claims for a 39-hour week and 
to devise a policy for meeting 
those claims not only in the 
next wage round but in the 
years ahead. The Department 
of Employment has been pub- 
lishing a series of articles about 
the different ways of tackling 
unemployment— including the 
39-hour week. Meanwhile 
Government, employers and 
unions are watching with in- 
terest recent developments in 
the rest of Europe, for example, 
the success of Belgian public 
sector unions in winning from 
their government a 38-hour 
week from next year. 

For many years, the trade 
union demand for a shorter 

week— and even, it has to he 
said, for action on unemploy- 
ment generally — has been a 
routine battle cry- In the last 
12 months or so, and with what 
appears to be gathering speed, 
slogan: sins has given way to 
real alarm among unions. 

Much of the responsibility for 
bringing the shorter working 
week into the arena must go to 
the Transport and General 
Workers Union and its former 
general secretary Mr. Jack 
Jones. He — as with so many 
other things — started the ball 
rolling about two years ago. 

His first tangible success, per- 
haps little noticed outside union 
circles, was to suing the Euro- 
pean Trade Union Confederation 
behind the policy at its Lon- 
don conference in April. 1976. 
Since then, the TGWU has been 
collecting statistical ammunition 
for the case, and pushing it 
under employers' noses in nego- 
tiation. The Ford Motor claim 
last year contained a long analy- 
sis. prepared with the help of 
Mr. John Hughes, director of 
the trade union research unit 
at Ruskin College. Oxford. The 
building and civil engineering 
employers were asked to con- 
sider the case this summer. 
Many more employers will face 
the claim this winter. Other evi- 
dence of the way in which the 
argument is crystallising came 
from the Scottish TUC in Aber- 
deen, where union leaders told 
their audience, in effect, to stop 
talking, get off their backsides 
and “negotiate more people into 
jobs,” while Mr. Albert Booth, 
the Employment Secretary, 
pointed out the high cost of 
cutting the week without loss of 
pay and suggested that to cut 
overtime working was the better 
solution. The theme is recurring 
at the summer conferences of 
individual trade unions. 

At the bargaining tables of 
industry Itself there has been 
little movement since 20 years 
ago, when 44 hours — including 
Saturday morning working — was 
standard. From 1959 to 1961 
there was a general move to 42, 
and between 1964 and 1966, to 
40 hours. Outside clerical jobs, 
a week of less than 40 is uncom- 
mon although underground 
miners are on 371 hours over 
five days (and are looking for a 
four-day week). This January, 
the firemen— not a typical case 
— secured a commitment to 
bring their standard week from 
48 hours down to 42. and an 
offer fulfilling that promise but 
with strings attached will be 
made to the Fire Brigades 
Union today. The nurses, as part 
of their April I wage deal, won 
a qualified promise that they 
would move lo 371' hours by 
1981, after they had claimed 35 
hours. This promise was partly 
in response to the Halsbury 
report of 1974 which, recognis- 
ing that nurses work a longer 
week than other non-manual 
employees, said a reduction to 
38 should be made “ as soon as 



insurance contributions on'^fe^r 

employees. , . 

Secondly, it Insists that rana* 
.tion without a sharp and; ritoul- v; 
taneoua reduction in. uhempioy-- -^ 
raent will not .work; the cjtre. *5. 


Cut to 38 hours 















Government jab our — for example to uttRh-..+« . 
expenditure ^ uce two-shift working mstead ++ 
£m s i n gie-shift— ahead -ttf 


employment effect 







demand the reflationary inj«s>is 

tion will create- For the reflation'. '+t-' 

Medium employment 
effect, low productivity 







to be sustained, so the - argK 
ment soes. there must be spreaff-^]:? 

Medium employment, 
high productivity 



4-6.1 r 



’ +2-2 


ing both of the vtork ahd- o^ ^- 

the 'growth in incomes. :-++7+ ; \ 

employment effect 




- 40 



The cost of increasing 

Source: D E Goxette. Apr// 

labour force, it says, couia 
laroelv met by raising' product. '•'? 




Original estimates j 

1 Revised estimates 



1 Increased 








000’s - 








+5 38 






— 250 








Source: Trade Union Reuorch Unit. 

Ruthin College. Mar 1 978 ■ 

S *• 


The only well-publicised case 
where blood is being spilt over 
the shorter working week is that' 
of the Post Office engineers, 
who. in pursuit oE a demand now 
seven years old. are applying 
sanctions to new telephone 
equipment with considerable 
effect. There is no sign that 
the Government will allow the 
Post Office Engineering Union 
to make a breakthrough that 
would quickly be followed up 
throughout the public sector, 
and it looks as though the 
union's negotiators will not even 
be able to tell their conference 
delegates next week that a 
forward commitment is in the 

The POEU"s case is not, of 
course, mainly based on the 
desire to keep or create jobs, 
even though tbe union is un- 
easy about the staffing implica- 
tions of new technology. It is 
for comparability with clerks, 
whD work 374 hours, and re- 
cognition for the members con- 
tribution to productivity over 
the last ten or 15 years. 

As the TUC's last economic 
review makes clear, trade unions 
are w'eii aware that reducing the 
working week will be expensive 
and they do not disagree with 
the Department's estimate (see 
Table A) that the cost could be 
up to 8 per cent on the wage 
bill. They are also aware that 
to the extent that extra produc- 
tivity recoups some of the cost, 
the extra job opportunities will 

Nor do they discount the 
argument that unless there is a 
joint EEC move to shorter 
hours, a cut in the week would 
put Britain at a competitive 
disadvantage and increase the 
risk of closures and redund- 
ancies that would pull in tbe 
opposite direction to that in- 

Where there is plenty of 









j ■*£ 

room for disagreement is in the 
assumptions about bow much 
extra overtime . would result 
The Department of Employ- 
ment’s assessment in the April 
Gazette has already been 
attacked as misleading and in 
some parts wrong by the 
Ruskin statisticians, who gene- 
rally take a much more opti- 
mistic view about the “afford- 
ability” of the shorter week. 
Indeed, the Transport Workers 
states quite categorically, first, 
that a shorter week does not 
increase labour costs per unit 
of output and second, that re- 
ductions in the “ normal " week 
do cause similar reductions in 
actual hours of work. 

The union, in other words, is 

trying to force employers to 
question their own assumptions 
and to show that Whitehall 
tends to be too pessimistic about 
the case for the 35-hour week. 
It believes that there arc strong 
economic arguments to bolster 
the moral case for this kind of 
work-sharing. First it points to 
the benefit to the Government 
(less unemployment benefit to 
pay plus increased tax revenue) 
—which, however, accounts for 
only about a sixth of (he totaJ 
cost to industry — to argue, that 
the Government should not only 
take a lead with its own em- 
ployees, but could also share 
some of that benefit with em- 
ployers, by, for instance, re- 
ducing or waiving national 

thrity- Indeed, 
li eves, not only would, gennafe . ;- 1 ; 
productivity bargaining - ' bei _■ 
spurred by negotiated cuts.^ 
the working wee k, h ut tiiat ^ 
without it productivity- bargain- 
ing will begin to dry up as 
unions become mcneasingly.reir : 
Juctant to sell jobs In exchange 
for money- As it is, there are : 
plenty of restrictive practices.'^, 
left in British industry that;. :-'*-, 
could be sold back to the 
ployer. Its main complaint aboii& • : 
the Government’s response -fa".' "*■ 
that it encourages "what one ^ 
union official called the - • 

numbed, negative and protec: 
tionist attitude - of management ' 
today.” Overtime,- too. should be 
'-bought out’.' as much as pos- 
sible except where it "is genii* 
inely needed for flexibility, iiv 

This tine of argument promp- 
ted not only by the UK’s I - it 
registered unemployed, but also 
by the suspicion that the auto^ - 
mation scare of the 1959s fa at 
last coming tine — that “tech- *■* 
noldgical unemployments ir *** 
coming over the horizon. De- 
partment of Employment offi- 
cials are sceptical, and thus are 
loath to recommend “irreyers- . , 
ible” job creation measures like. ' 
the shorter week in case Britain , 
finds itself in seven or eight ' 
years with a labour shortage . + 
when the effects of the contra- 
ceptive pill and of a falling ,. T ;- 
birth rate begin to show-through, -ir 

Whatever the arguments, the . 5,: 
CBI and Whitehall— and -softie . 4-- 
trade union leaders" too— donbt 
lb at tbe shopfloor really WantS'Vy- 
a shorter week unless it is to .■■■j 
boost overtime earnings, .--and -V T. 
that there will be nttle -real’’ ' 
pressure for it this year. Accord- ? J 
ing to other accounts, there B/ff- 
real demand for 38 or 35 hourfc.' ,5 J[ 

especially from shift-workers 

and even more especially from ' ^ . 
Friday night shiftworkers. /- '• 
Whether the campaign produces ..-y : 
results in 1978 and 1979 will 
depend on the Government’s ■“*&>. 
design for pay restraint .after 
July 31 and its discussions with' 'i- 
the TUC. It will depend on • 
whether negotiators will be 'j 
asked to trade increased leisure * - 
for part of their pay rise under: .r: 
an incomes policy “norm/* But , 
no one doubts that Europe’s \ 
unemployment has started some- — 5‘ 
thing, and that Tom Mann's- *2. 
39-hour week is edging closer,;. , . 

- -hr- 


Blueprint for a 
Congo invasion 

Moise Tshombe's name is rarely 
mentioned in the current inter- 
national debate about the causes 
of the trouble in Zaire. But 
few people know that after be- 
ing spurned by the West he 
sought help from the Soviet 
Union to stage an uprising 
against President Mobutu, long 
before the latest wave of com- 
munist activity in Africa. The 
detailed plans the former 
Katanga leader put forward as 
long ago as 1966 may well have 
been taken down and dusted in 
Moscow recently. 

The man who during his seces- 
sionist days in Katanga was 
supported by rightwing groups 
and had close links with 
Rhodesia, made a dramatic — but 
secret — switch while in exile. 
Realising that Mobutu, who had 
ousted him from tbe Congolese 
premiership, w’as being heavily 
backed by Washington through 
the Central Intelligence Agency. 
Tshombe decided to try his luck 
with the Kremlin. From his 
hideout in Madrid he sent an 
appeal for money and arms, 
claiming that for his uprising 
he could rely upon 11. 000 
Katangese gendarmes previ- 
ously attached to the Congolese 
National Army.” Some of these 
tribal supporters of Tshombe 
may well have been in the rebel 
force that recently took Kol- 

I have a photocopy of 
Tshombe’s secret memorandum, 
which he signed on every page. 

It was taken from Madrid to the 
Soviet Embassy in London . by 
Dr. Gaston Greco, a West Indian 
from Guadeloupe: he bad 
formerly been a counsellor at 
the Congolese Embassy in 
London, but lost his job when 
Mobutu came to power. Tshombe 
told the Kremlin: “We would 
Like to establish a Congo which 
wuuld bu closely allied to the 
Soviet Union, as well as to other 
socialist countries.” He attacked 

M Seems to be a ease 
of nature following the 
National Institute ! ” 

American influence in the Congo 
and said that once he was back 
In power the Russians would be 

But Tshombe never got back. 
The Russians did not give him 
the BFr 5I0m he wanted (about 
£4m at that time). Nor would 
they give him arms, which he 
planned to move in through 
Angola on the route used by the 
rebels more recently. A year 
after Tshombe sent his secret 
memorandum he was hi-jackcd 
over the Mediterranean: it has 
□ever been explained who set it 
up. He died under house arrest 
in Algeria. 

Bury his heart ... 

Riehard. Jacob, burly chairman 
of Day co. the UTS; plastics and 
rubber engineering company, is 
in Britain as part of his search 
for a site lo build a oew factory 
in Europe. But he appears to be 
able to do without any help in 
the way of incentives. Grants for 
going to special development 
areas "just don't figure," he says. 

“They usually have labour 
troubles. It's like sticking a fac- 
tory out in our Indian reserva- 
tions. As soon as you have done 
it you want to come back to 
tbe cowboys’ side." 

Ideological idiom 

At a rally of Catalonian com- 
munists in Barcelona, the 
guest of honour, Italian Com- 
munist Party boss Enrico Ber- 
Iinguer. scored a linguistic 
triumph this week. He addressed 
the crowd in fluent Catalan. In 
the part of Sardinia where he 
was born, it is the local dialect, 
because Catalonian armies once 
occupied the area. 

But when the Spanish Com- 
munist leader. Santiago Car- 
rillo, stood up and tried to fal- 
low suit, fate decreed other- 
vise. A freak gust of Barcelona 
wind blew away the text of his 
Catalan crib. 

Naval manoeuvres 

Latest arrival in the board- 
room of Vosper Thomycrofl. 
the South Coast warship 
builders, is Vice-Admiral Sir 
Anthony Troup. 5B, who not 
long ago was running NATO's 
submarines in the Eastern 
Atlantic. He becomes deputy 
to the chief executive, Andrew 
Shaw, who is 38. 

Shaw himself arrived drama- 
tically at the top in January 
from Vosper Thomycroft’s 
little-known engineering sub- 
sidiary. It was forecast then 
that more boardroom chances 
would follow: I gather that 
one or two resignations are now 
on the way. although whether 
these signify disenchantment 
with Shaw’s style or a more 
deep-seated dislike oF working 
for a nationalised industry re- 
mains unclear. 

From Singapore comes news 
that Vosper Thomycroft’s for- 
mer boss, Sir John Rig, is 

wooing some of the same custo-J 
mers he dealt with in bis South 
Coast days. He now runs 
Vosper Limited — the bit of the 
business left in private hands 
after nationalisation. Vosper. 
with a shipyard in Singapore, 
fa in particular trying to sell 
more boats to Kuwait Re- 
cently, Vosper Thornycroft lost 
a $500m. deal with the same 
Gulf country. After months of 
effort and the near certainly of 
landing the teal. Shaw’s men 
were apparently told that their 
boats were too fancy and that 
they should design something 

This almost certainly puts 
Shaw's team into direct com- 
petition with Rix. The latter 
will shortly. I understand, be 
strengthening his senior 
management — with at least one 
recruit from the board of 
Vosper Thornycroft. 

Touched up 

"Flesh and spirit ’’ fa the 
enticing title of an article I 
have just been reading in what 
Aer Lingus describe as my 
" personal copy ” of their in- 
flight magazine, Cara. The 
article is a polished piece of 
purple prose about the joys of 
the island iff St. HonoraL This 
is just off Cannes and the writer 
extols the situation there with 
people lying “ topless and beau- 
tiful like shiny mackerel on the 
silver sand outside the hotels.” 

But St. Honorat. I learn, is 
a holy place. The monastery 
where tourists can stay was 
founded by the Cistercians, and 
both Sl Patrick and the Vener- 
able Bede boarded there. So it 
is only right and proper that 
Acr Lingus should have kept 
up the tone by very obviously 
painting a bra on a “ mackerel " 
with whose photograph they 
illustrate their piece 




[Finest Scotch Whisht^ 

; K " 1 ’Atrsr S’.l: ;dcd Jfc somffii 
<AIatfhcir Glaag&SonlJd* 
j Perth , Scotland ' 

L j- 4 .^ %y> A . ,,,, , 0C Ktt 



Observer Quality in an age of change. 

•j. : ■ 

- . - I.. J*; 

- ^ ■FmaS^ 'TIines' Friday June 2 1978 



to do about 


* < 

!L a >'*r. 

‘ J mtr, 
3 , 3 ? **i4 

d i* 

,ar ? injj. 

Ofir alliance centres on the invasion of Shaba could well 
Europe,, but 1 OUT. vigikmee become a recurrent event until 
cannot be limited to that s°ch time as the invading forces 
continent;" . ' succeed in gaining control. 

ISOSE^WOSDS -of President That wb ^ of 

Carter’s to the NATO sST?** West should do abqut 
mit meeting this week epito- rt 0813 hanUy be avoided. In 
mite ' the ■ debate', that seems to “*“* **• “E** 1 If 1 "?- 

have eprung -up- almost evety-.^ ^o^^riL^J 

T “ «*«! 

eas>n 3 it, 

'• touij it 

"-2 Proa^. 
union }«. 
l ! d Sennit 
«nins a, 
tea mil i 
•. ,J ut tia 
uty bargai 

dp >‘ Up 5, 

casmg\y jj. 

te exchaij^ 
s - ibere $ 

^ - practice 
idusiry ifc 
to the n 
response ? 
s what o» 
etl the \ 
and ptpi s . 
oo. should h 
nuch as pa 
tf ‘t ii its 
flexibility a 

flare one go«: ^haTif ££ ~Tt ?« £* * the need *? r 
thing; should the West do about be as far as possible 

Soviet and Sovtet-Cuban inter- second is that there 

vention in Africa * must ** * reason® of 

i <ffi “ -ago the * fl ° 

question yrould scarcely have iJJh* fl 2 are more 
arisen. The -Soviet Union simply *V? v VS? 

fijf W^r^for^t 

feldf tod^U^ : on T® 4 nothiean ^0 unity; nor 

‘ u “ does .a collective western 

anything, it woilld have been 

«rai v *■ „ • , . response mean that all members 

^ly^checkei t^-U^. would <* & e Alliance need to 

S^ 1 I? 6 ” 1 ? he actively involved. There does 
2 S2S&- need to be. however, a raini- 

^.^ WeS ^ mum level of agreement that 
iH®5J2S°5Li 5i whatever; is done by some mem- 

hers of the alliance will not be 
Russi ans would _ have drawn attacked or undermined by 
*Sl__ . . ■ those members of the alliance 

seem 40 ** ve which do not participate. In 
t 0 ?*! ' ***** v -u other words, the West's Africa 

ejL b “£f‘ up °f policy should not be one which 
Sonet nrilitary power has meant causes dissension among the 
that the Russians can now inter- ^Ues to the point where the 
vene . ^ * ■ world^wide basis, functioning of the alliance else- 
especially if they , can use the where u impaired. 

Cubansas pnmes. . i D this context it should be 

2 After Vietnam- th$ U.S. is noted that the argument about 
no longer anxious to act as the NATO being prevented- by its 
world s- policeman: it will not founding treaty from acting 
automatically respond to Soviet sopth of the -Tropic of Cancer 
expansionism _ is a red herring. That particu- 

2 It has., become clear that lar article of. the treaty was 
large parts, of Afri'ca.-are. funda-. included only, as an interpreta- 
rn ten tally unstable. A large tion of Article 5, which obliges 
amount of trouble can be caused members of the alliance “ to 
by the introduction of ; . duly consider' an armed attack on 
small outside forces, as the one or more of them in Europe 
second invasion, of /the Shaba or North America an attack 
province' of Zaire- within 18 against them. alL.” The treaty 
months has. shown.; ■ - says nothing at ail to prevent 

There is no reason to believe NATO action in. Africa either 
that, any of this will change collectively or by individual 
again teethe hear future.. Indeed members, and there, have long 

umesu proa, 
ic UK's i“jj 

oved. batsh 

tliji !:ie £^} 
ho Insist 

been contingency plans for 
such action to be undertaken: 
for example, in the Indian 

The second principle, of the 
need for any Western action to 
be viable, also has longer-term 
implications. For instance, the 
French intervention in Shaba 
last month seems to have been 
effective up to a point. It was 
reasonably papular, too, in that 
it produced plaudits from Wash- 
ington and that there was very 
little opposition from French 
domestic opinion. But there 
remains a series of questions. 
Are the French to go into 
Africa every time a pro- 
Western regime is threatened? 
Do they have the capability to 
do so, even if they wish to? 
What are they to do if the rebel 
forces and their Soviet and 
Cuban backers simply switch 
their attention to another part 
of the continent? 


Besides, the embarrassing 
fact is that the French may 
have succeeded in checking the 
latest invasion of Shaba, but 
they have not succeeded in re- 
storing production of minerals. 
Yet it was the West's depend- 
ence on African natural 
resources which was supposed 
to be one of the reasons making 
Africa, and especially Zaire, 
strategically important 
There is again tbe wider 
question of the effects of wes- 
tern intervention in one part 
of Africa on other African 
countries. The only country, 
apart from Cuba and the 
eastern bloc, that can really 
be pleased by what is going on 
at present is South Africa. Yet 
if the West is to intervene to 
defend any regime that is being 
attacked by tbe Cubans and the 

Russians, ought it not logically 
to defend South Africa itself ? 
That is, no doubt what the 
South African Government 
hopes. It is also what Mr. 
James Callaghan, the British 
Prime Minister, fears. Not 
least there is the effect of such 
action on Nigeria, by any stan- 
dards a regional super-power 
which the West ought to be 
cultivating, and wbit-h the 
Carter Administration has been 
cultivating. Is intervention in 
Zaire worth it if the result is 
to alienate the Nigerians ? 

Again in the longer-term one 
wonders how long western pub- 
lic opinion will accept western 
military involvement in Africa. 
Probably it will be accepted just 
so long as it works, rather as 
American public opinion might 
have accepted U.S. involvement 
in Vietnam if It bad paid off. 
But the problem is to define 
what one means by working. 
Does one want to defend tbe 
regime of President Mobutu of 
Zaire in tbe name of western 
democracy or because of de- 
pendence on that country's raw 
materials, or both? 

There are problems either 
way. In the first place, the 
regime is undemocratic and cor- 
rupt In the second, the persist- 
ent fighting means that the sup- 
ply of raw materials dries up. 
There is not only very little 
present production: there is also 
no possibility of new invest ment. 
If this kind of situation con- 
tinues. it does not seem to me 
that it will be very long before 
western public opiuion says that 
the game is not worth the 

What is more, the side-effects 
of losing public support could 
be very considerable. France, 
for example, has already lived 
through periods when its exter- 

nal policy c-jused problems at 
home, and it was not a very 
pleasant experience. So has ihe 
U.S. during the Vietnam war: 
there was domestic unrest, and 
there was a sharp deterioration 
of Eurnpean-American rela- 
tions. It is for those reasons 
that one stresses the need not 
only for Western polity to- 
wards Africa to be based on 
consensus, but also for it to be 
viable in a way that U.S. policy 
towards Vietnam never was. 
The U.S.. in fact, never knew 
whether it was winning the 
Vietnam war or not. because it 

had never satisfactorily defined 
why it was involved in the first 
place, nor what winning meant, 
and there was a whole range 
Of factors — like public opinion 
or the side-effects of American 

involvement — which were 
never fully taken into account. 

The conclusion from all that 
is that the West needs to be 
very careful indeed in deciding 
how far Africa, or parts of 
Africa, are strategically import- 
ant The raw materials case does 
not seem convincing, partly for 
the reason already given that 
production does not take place 
in areas of near-continuous 
fighting, but al.-o because there 
are usually alternative sources 
available elsewhere, especially 
in the developed world. Free 
market economists at least 
should recognise that it is only 
a case of market and price ad- 

What might hu called “the 
trade routes case - ' for the stra- 
tegic importance or Africa is 
also suspect for the simple rea- 
son that if the Soviet Navy were 
suddenly to declare isay) parts 
of the Indian Ocean prohibited 
to western vessels, the West 
could perfectly well retaliate 
closer to the S j \ Jet Union where 
the Russians could really be 

hurt: for example in the Baltic. 
One assumes that the Russians 
know that: if they do not, there 
Is no harm in their being told. 

And yet if all the above sug- 
gests that the strategic import- 
ance of Africa is minimal, aud 
that the chances of a viable 
long-t&?3i Western support 
operation being mounted on the 
spot are even less, the worry- 
ing question remains of the 
overall effects on Soviet policy 
of the Russians being allowed to 
spread their influence through 
the continent almost unopposed. 
Will they not conclude that they 
can get away with almost any- 
thing and go for something big- 
ger? And will not the rest of 
the world draw tbe conclusion 
that the West has lost the will 
to resist Soviet expansionism ? 

The cynical answer is that in 
time the Russians will dig their 
own grave. They will prove no 
more capable of running Africa 
than anyone else. The African 
involvement, in short, will be- 
come the Russians' Vietnam. The 
problem with that is the problem 
posed by Keynes: “In the long 
run we shall all be dead.’’ And 
it may take a very long time 
before the Russians’ African ad- 
venture turns against them. 

It seems to me. therefore, 
that the response to the ques- 
tion "What should the West 
do about Africa?” cannot quite 
be nothing. The real mistake, 
however, would be always to 
meet Soviet advances where 
they take place. There are. in 
fact, plenty of areas where wes- 
tern displeasure at Soviet in- 
tervention in Africa could be 
effectively expressed. For in- 
stance, the document on the 
basic principles of relations be- 
tween the U.S. and the Soviet 
Union signed in May 1972 says 
that “both sides recognise that 
efforts to obtain unilateral ad- 


Richard Nixon : a shield Jimmy fcarter : vigilance not 
offered against attack. limited to Europe. 

vantage at the expense of the 
other, directly or indirectly, are 
inconsistent with the objectives 
(of detente).” That document 
has not been invoked, and be- 
cause it has not been invoked 
the Russians are encouraged to 
go on doing what they are 

It would also be possible for 
the West to step up its own 
armaments programme even 
more than it has been doing 
at this week's NATO summit. 
President Caner could reverse 
his decision on the NATO 
neutron bomb, and he could 
play up the growing reluctance 
of the U.S. Senate to ratify a 
second strategic arms limita- 
tion agreement (SALT 2). Not 
least, there could be a quite 
different line <m western 
credits to the eastern bloc and 
the transfer of technology. 

In Africa itself the West 
could do worse than to revert 
to the doctrine of a U.S. Presi- 
dent now rightly discredited, 
but w’bo was one of the original 
architects of detente. The 
Nixon Doctrine of 19B9 said 
that the U.S. would keep its 

treaty commitments and 
“would provide a shield if a 
nuclear power threatened the 
freedom of a nation allied to 
the U.S. or whose survival was 
considered vital either to the 
security of the U.S. or to the 
security of the region as a 
whole.” It added: “ In cases 
involving other types of aggres- 
sion we shall furnish military 
and economic assistance when 
requested and os appropriate.” 
The point was in the tail: " But 
we shall look to the nation 
directly threatened to assume 
the primary responsibility of 
providing the manpower for its 

That might nut be a bad doc- 
trine for the West as a whole 
to apply to Africa. We shall 
help those who help them- 
selves. but we shall intervene 
directly only when there is a 
clearly established need to do 
so and we know what we are 
doing. Meanwhile, we shall 
stand up to the Russians at a 
place of our own choosing. 

Malcolm Rutherford 

horizon. I* 
picymeni £- 
.. arc ir.’ii i?. 

Letters to the Editor 

Ciid ■;. r TJT?r- 
i cu 

in ca?e £:.C: 
eve:; c-r tp 

A rose by any 
other name 

.bocr From Jfr. K. 2V H. Graves; 

t‘i t:tfr Ctrc Ciw lA ■ ' K».' imrk i 

ago :the Prime Minister told us have looked into the hearts and Yes, gentlemen, we. the people 
that -lie had taken personal minds of each man, woman and of Lincolnshire, would welcome' 
charge of the foreign exchange child in the county and have the KC-135 tanker aircraft. Not 
rate. 4 \ . ' - ' ;• • seen inscribed in letter large: likely. 

Though I am essentially a " Welcome. KC-135." William J. Bomford. 

market economy man,- 1 sun no God, it seems, is no longer 
believer:: in .pure-; laissez-faire, unique in His omniscience. Two Blacksmith Uine, 
and I have much sympathy with mortals at least are just as all- Barm3ton, Lincoln. 

° we axe wjin _ too m 'some forms -or . -.Government knowing as He. They are Mr. 

ar=u-n.'Gi:. , iS®> l “ d w .tetervention- v-wben >t pursues Richard Body, MP for Holland 

- Rate to fisted by adnumsfra- certain economic and social Boston, and a spokesman for 
, ‘ , .... ti ve decree (a5 waOatteriy lie , ends, rather thaa party political Lincolnshire - County Council 

Je -' £ ld lUtel, -rather than to ends u is for' tlje^Government (unfortunately anonymous in the 

sr res:.} '-be automatically determined as t0 control its own spending if it television coverage of the issue 
ur, -! k'tbe product ';of maricet .rat^- wishes to keep interest', rates j n th e Press to which I 

i»rnT.«. sThi*; had .;of •. course. already ^ "down; but- we appear^, to be have access on holiday). 
b<- x become -the... poritiott de f aefe; attacking, ..once • again. , the . . , . th n i 

, .■ffskfipyss **£"&*£■ .SSUr^SS 

OUW.* ' nwM-Haniem - ■ Rat« - i»av- 4 m Vm • ndfenV- quicker and" much less trouble- 

Cost of the 
water supply 

From Mr. W. L. Wolsey. 

Sir,— The letter in your issue 

er }©: its* elbow! 

, IT s,,^ 7r; ,:u^course occasion* ^pn which there • „ a- 

not enough elbow 

4 an .^ ‘ lL.! t)etween the Treasury Bill rate L ? T # 

e i.,rv«;T,_ d ^ Bank Rate, so.that tbe 
■ To>;r*nt Bank of England was not able Me rse v siac - 

keep the whip hand. We. V,; . 

"rather than 1 the 1 c ™S**M* t * teem. Omni- Sir.-Tbe letter in your issue 
back “to the 'Rife SSS£^ Tt which s**® 0 **' 1S far cheaper and of May 27 from Mr. R. K. Thlrkell 

OWW- fl-i SJL} - thgShfc.BattoAa^' quieter and- much less trouble- made interesting _ reading point- 

• 3S or Z-i ^infe^eeii* iata^t^ia TtWryj its-.'elbuw' so^eflan the usual means of mg out that the increase m the 

m ftf'thB ^teermg opinion— consultation, water charge from £10.06 to 

‘^.'S SiS C, gsg, JS debateTfurve, and referemtan. £13.30 and sewerage from £7.90 

Sj -«r SSPSS-'JS * 5 ** soAoIogists, market re- to £11.40 did not tie up with 

Surse occasions onyvhW there does n( ^r^ lter the temperature sejm * 0 n5>aj, d those who conduct the council’s statement that less 
S S K. T. H-Graves., public opinion polls spend would be payable now the 

iptween the Treasury Bill rate .259Teefcey Lane, ■ thousands an their complex and charges have been separated 

jnd the Bank-Rate.' so that tbe BeWs&fem, . time-consuming games, Lincoln- from the general rates. 

Sank of England was - not able Wm«l, fifersepsiae. shire's leaders have no need for Many people under the Welsh 

a keep the whip hand. We. -;, " _____ these outmoded methods. Quicker Water Authority mast feel 

herefore ; had “ technical " v." . " . than a Streak of lightning, faster unfairly treated If and when 

idiustments” of Bank. Rate pan a flash of JP 4 aviation they see figures like those given 

jrder to restore some required' PrOdllCUlS Oil fneU tb^ know. by Mr. Tbirkeli. 

nargin. * - - . J ^ V ® ™cy know i*e would welcome My chalet-type bungalow here 

It had' - been hoped “that, n|\n] the shattering roar of the world s j n enmaenmawr bas a rateable 

:banges in MLR^.would iwt.- JA.UIII CUOJ hoislest aircraft the stench of va i ue of f I43 (as Mr> 

ittract the same- attrition as • „ .Jw* *««*» . Kerosrae, the Thirkeli's quote of £190 RV) and 

titanges te Bank Rate hafl- don,e. - m -*\ \ waaueUl 1 -terrible hazards involved when my account is: 

Bank Rate had. as ia .symbol,.;. Sir,— (Sirtent interest m the huge quantities of aviation fuel Water supply £21.16 

:orae to- comniand'.a: measure a£_ production pf oil from coal are transported or stored. Sewerage 22.S8 

nespeef to’ . which., jt, was .nof.seem 8 to ignore German and They know we would welcome Environmental services 1 .06 

in titled, and' had. come to indi- British/ experience during tne .resulting traffic jams, the Fixed charge (water) 5.00 

ate majpr. shifts in .^G o yeru- v 1930s. The *? loss of agricultural land when 

oent policy^ j^eajs Rework up to a producuon.j^yj^^jyj are extended, the Total £50.10 

. »««> ss. ™: RV _ t !“ ?.? «at 


Tweuiy-lifih anniversary of 
the Queen's Coronation. 

Prime Minister addresses 
United Nations special session 
on disarmament. New York. 

UK official reserves lliayj. 

Mr. Leonid Brezhnev. Soviet 
President, ends four-day State 
visit to Czechoslovakia. 

Special conference of National 
and Local Government Officers* 
Association iNALGOl on pay 
policy. Central Hall. Westminster. 

General secretaries of the four 
main print unions meet at TTJC 
headquarters in utiempr to 
restore order u t Fleet Street 
industrial relations. 

Second and final day or World 
Bank's Pakistan Committee meet- 
ing in Paris to consider Pakistan's 

Today’s Events 

request for an increase in its debt 
relief programme for fiscal year 

Internationa! Forex Dealers’ 
Association annual congress con- 
tinues, Munich. 

End of three-day International 
Civil Aviation Organisation con- 
ference in Geneva aimed at rais- 
ing new funds for civil aviation 
development in Africa. 

UK visit of Chinese agricultural 
mechanisation mission continues. 

London Chamber of Commerce 
trade mission continues tour of 
major Spanish industrial centres. 

Second and final day of con- 
ference organised by EUROPMI 
(Organisation for Small and 

Medium Sized Enterprises in the 
EEC1 on “The Future for Smaller 
Businesses in the EEC," Kensing- 
ton Close Hotel, \V8. 

Sir Peter Vanneck. Lord Mayor 
of London, and his Sheriffs attend 
Distillers' Company dinner. 
Mansion House. EC4. 

Football League annual meet- 
ing. Cafe Royal. Wl. 2.30 p.m. 

Robert van Hirseh art collection 
on view at Royal Academy of 
Arts. Burlington House, Picca- 
dilly. Wl. until June S. 

Royal Bath and West Show con- 
tinues, Shepton Mallet. 


Capital issues and redemptions 
during May. Public sector borrow- 

ing requirement and details of 
local authority borrowing f first 

Bamfords. White Hart Hotel, 
Uttoxeter. 12. Herbert I Alfred 1. 

De Vere Hotel. Coventry. 12. Lee 
Refrigeration. Shripney Works. 
Bngnor Reels. 11.311. Lilley 
tF. J. C.». Central Hotel, Glasgow, 
12. Scottish Television N.V.A.. 
Cowcaddens. Glasgow, 12. Steel 
Bros.. Sondes Place, U'estcott 
Road, Dorking, 12. Wndkin, 
Green Lane Works, Leicester. 3. 


Cricket: First Test (second 
day ». England v. Pakistan. Edg- 
basirm. Golf: British Airways- 
Avis tournament. -Jersey. Tennis: 
Surbiton lournaraenL Show 
jumping: Hickstead meeting. 

"Our Nationwide Capital Bond pays worth more than^z 4 gross 

and a regular monthly income? 

therefore .' had . / “tec hnic a l ; 

adjustments” of Bank Rate m- 
•?. -order to restore some required 1 
***' .Zimargln. • : • * - 

ir T - rr It had ' been hoped -that 
M*v ^-hancipe . vlw MT.R . would' not 

,jcy " Changes in MLR ^ would' , not 
s tr.a: “’-' ittract the same - attention as 

Producing oil 
from coal 

- : - ! 

R- Whatiei,. 

*r?rr. :^Bank Rate : had, as;/;a ,-§5[tebpl.. .. Sir,— Current Interest in 

. > won.- niimt . RttlinffhAm maiifi - .. w uij uiy £\v as cum- 

-fifties rU P^P 01 ^* tee noise-stress pared with Mr. Thirkeli’s RV 

ouodtng -aU-^mneertelu soimd 150,00) tonS_ of ampowd on hospital patients. £190, if charges were uniform 

ouodtng^'aU.i.^meerteto V soima' li^uw tons .a yeax m -imposed on hospital patients. £190, if charges were uniform 

risrircohi witi^a p&ead* that Uncolnshire throughout the country I would 
Th? nS2r P o5 *9* different— quite unlike be paying about £17.50. Surely 


W. L. W 

™ and sanity for a few jobs Bleasdale, 9.' Gogarih Avenue, 

ueb • attention ;!; ^ ^dlln wbjrte ai5 case can m a little extra trade. p™m<i»r. 

sea ^doSA-ar 
levels which 
ye .always 
mpetitioo. -and-.’ 

id o try 
ctober fc 4 

Penmaenmawr, Gwynedd. 

nmy ne an upnxu sutubkic. rfT.,. . A . .. . 

™ lth stnn § s attached 

. JUlht; Green) : MB®, 5 ' gives a good • o 

.CkjritroL iabcount' of the hydrogenation of f^rom Mr. F. Ctnutney as bad debt, leaving two-thirds 

nv I'i 'Tsi'icoal as it was tben. Sir, — 1 feel David Bell misses of maokiod in a far worse 

eame:?(in - ; point is that the con- the point completely in his other- position than at the height of 

' -*-*—■ ^ 0 n. 0 f coal to oil demands wise very interesting artiele pnb- the colonial empires, which the 

s— 3 v - v "r w till"., ai\ 1 Amcr-tn-w. 1 

the Edition of some 5.. per cent-tished today (May 31). 


cntSL-' ^XAt U^. the^ it B weighr of. hydrogen. The " Surely the point Is. that ever “liberate” 
trodut^ob; jaimiifacture of-thterhydrogen w^tince Brett cm Woods the IMF wo-ld war. 



aimed to 
tbe second 

ja^jiifactjice of-thia.hydrogen *»**mce Bretton woods the im* Wl ' ”r' , 

bSden on the process. ^Offered from- a quite mistaken . But before we leave the sub- 

kers from coal the con- economic principle built into the 2£ ct there, lets have a look at 

goal j s -doubled to framework of the^lMF and that tee rather slanderous words— 
b f o ur' t p"* - per- ton of oil- Is that chronic deficits are to be baddebt Here we have two- 
^ hand subject: to penalties, whereas thirds of mankind who can east 

used for the chronic surpluses were to be afford it, having to .pay higbbr 

■ nudranW ^manufaSure .. of free from. that obligation. ■ inflated prices for all their most 
thus pf cioal would ,;,The American multinationals basic re^reomnts, whereas the. 

*5 ™ SsaS*JE2!P «5LS£2«JS! 

gar .SJK'Sf-idteTiw3F 'tt*?*** the ^ la , n f^i h f 1 'r D basic t r r 

t- ren* -y t fnv a nuclear Station: x,uuo -money s wrntu ungiuaieu out in — 

^F^I^T^^v^^'i^whTiJdeeherate the hydrogen chronic surpluses and which pafled to the American multi- 
FHA 1 *ho »m nmnr nationals financial muscle 

in order to receive further 

any wonder that more 

*A"> », 


$ '■ 

iCjwV ^ 

> 4-... 


^ pf-mu^ear Pd^erat the costfi dne hand and iXtion which is the only market ihe 

B< ^^S^fSellvei'teereasing;thar Of coal. ou'foe other. The Eurodollar American multinationals can rely 
: Mture -of. fly such Maritet provides local currencies oil since their own financial 

^ apparent * for American multinationals and policies are bringing capitalism 

the w u .j nf if a ti nmntc fnr to the very edge of an abyss. 

45k. » 

Nationwide Capital Bonds guarantee extra interest and a regular monthly income 

V *Y— -j --'Jr' - - - js • - 

5feS!.~S*'-£ No wefeomc 

for Yanks 

: Frini.Mr. W. ■J. Boinjdrd. 

truly huge windfall profits for to the very edge of an abyss, 
the British banking system with- We are in fact witnessing a 
out' affecting the American self-perpetuating war machine 
balance- of payments and iufla* being accelerated to its ultimate 
tion. provides that part of local conclusion, just because nobody 
currencies - for the multi- is prepared to face the farts, 
nationals, which cannot be pro- A prosperous Third World 
vided without upsetting the financed with liberal credir 
equilibrium of the foreign .facilities amounting to at least 
currency markets. 3-10 per cent of the developed 

Bearing that in mind. It is countries’ combined GNP is our 

Extra -1 'Irte&t- < V *. 

’ Extral 

9 - 85 - 


9 - 85 - 




tfhat fe pethaps.^ •‘WWSt-awE®: Frvm.Mr. : r(. J. surely a- travesty of justice that only alternative to utlcr 

nnin frr.the cbtistant^rostpit .• sfr^Ltecolnshirer states your Third World countries who extinction. 

^Parliamedtary % -Correspondent a e basic raw materials . Britain with its newly accumu- 

* *• l*3qr^u$br jwfe'-Bnaf 27J 5s w tHe self same American lated truly huge wealth— not the 

be forced Britain recently portrayed in a 
‘ r K Air Toree tanker Vircreft. The l0 ^ev^ue their currencies as series of articles in ihe Sunday 
. ai the ffr® 1 kG-tshs, adds Aerospace Con^ an IMF condition for Further aid. Times under the headinc “ the 

. eald ‘ to. . ■ . ,'jll uL.hmii T\nnnp*_ **. would hmuiun .,n .thaf. maine Jn nnw<. liav the Hound nearlv died — 


33 % 

*Ba-i- 1 Jii’in- -nn i.‘-r«ij at « 
►i_.u..r..i.rv .J v- • r i igr m-.i Am :lx 

l*r'jilnifOr.!‘ .J.'* ‘-'Hjix At^-um Me 

You can invest t"romi'500-C 1 5,000 (up to 
L3 0,000 in a joint jorount) for fixed terms 
of 2, 3 or 4 venrs. The two year Bond offers 
1 /'extra interest above Share Account rate, 
t he three and lour year Bonds offer l' 
extra interest. The Share Accuunt rate 
mu v fluctuate but the extra interest is 
guaranteed for the full period. Your 
interest can either be compounded half- 
yearly: paid half-yearly bv warrant or 
t ransferred every month to your bank. 
Nationwide Capital Bonds offer you A 
an excellent return w iih complete JSg 

-ecu riry. There arc- now over 325 JEtf 

Nationwide branchen-yuu'J I jfljjWlk 
find the address of yolir local J&£ flVL 

branch in Yellow Pages or JST 

just post the coupon. iff 0 

Bail Jms hucicn . Dept. MC. OxfrrJ House, 

j Hich Halb«.m. Liuukin WCl VoPW 
J ]/\Ve enclose .lihnjuf iorf 
1 tube imowJ »n NenunulJe a- inJivJtcd. 

I l.Tnji-vcurGipiifllAmJLl •*. In a Nationwide Share Account □ 
^Ina j-warCapiwIBonJ D lniere»nobc«:ompoundsii Q 
I 5.1n j-4-i ear ljpi«I Bund C3 lirpjiJeicoJ pljun* and 
. Oci-Tmbcr nth v<Jf- J 

. December EMhveJr- 3 

* Opiul BonJ interval lobe paid at end of eatb month. □ 

I learii'.i uiih Jtrt jl immC-r-^ wJ* in ihe £*t« ft ihehiAtertilurt) 

te^write off billions of dollars 06, Sandoum Court, Southport. 


The Building Society of a lifetime 

f uuii ( J ruillii.ia.^ui «I |im miv^. hj l 1 * ,, iv OuiU.ti^ iciir* ^-ikw i»ml 

■ j n ari' ifLtTi 

) Slower start for BP as oil sales slip 

j AFTER a small loss from stuck 
llepreciaUon taxable income of 
J jJritish Pelroleuni Co. fur the lirst 

Quarter uf JOTS. was £486.8)1). com- 
pared with Tnr the similar 
' period Iasi year when lliere was 
: -a sub»lanliiil benelil from stack 
i ’appreciation. In the final quarter 

* "of 1977 profit amounted to £.130.401 
«. pringins the total for the year to 
i H2.19bn. 

f j In comparison with the finirth 
quarter of last year, when there 
, .was adverse currency 'extih;tit"e 

• movements, this time Increased 
1 ^contributions from the groups 
' jlkS interests toaeihor-w ilh some 
1 'ii rad ins improvement in oil opera- 
I .lions in mosl EnropeaP countries 
• .-was offset by lower proceeds 
. 'frnm North Sea crude ojj and in- 
i ^creasetHosses m France. Chemical 
, operations were niar'-'inaliy bet- 
ter. the directors report 

; Total volume sale" Tor the 
. f ” three month.*- slipped 0— m. to 
: 4.1.3m. tonnes, a u.3 per ccnr Tall 
on last year's lirst ciuaricr. W ilhin 
: : ihe total crude oil sales were 3 
1 per cent lower af JT.“m tonnes 
but sales of products including 
i , chemicals were up " per cent, at 
; ; 26.2m tonnes. N.-ituml s;<s sales 
i ,■ eased 0.3m )»> J-m cubic metres 
a day. 

, . In May Sir David Meek the 
1 i-hairman. said that an improve- 
: ment was expected in many areas 
; of the group's activities durins: 

' HiTft but this would depend tn 
i parr «n the success of Severn- 
• ments in «t imul.iiiny increased 
t industrial growth ihnmshuut »hc* 

■ w orld. 

t Jan ilnr .l.m/Mar 

I?;/ 1U77 

I fin fm 

f s a (r% i-Jr : i .'.*)*» J 

, I'ljSlMlii' «1u!l*f“ - .. *-7*> ’• •]'" V 

' Nel • .. - •*? ' -W* t 

1 otticr income ... . )*'• - *J- 

, c<»si< v nu. i 

■ kxpen-e- -"•-' * 5 

Drprecijii'.ii ?t I ',*- " 

. ini. and - ■'■9 ■ 

Income before la* Wb- a 

•ir..-r ! oa' l.»v . ■ -'•-■• •“• ■ 

; I K lax . - JJ" ■? 

Ner iin. 'ini'- • ■ ‘ If-' 

T* inlnnriiirs - 1 ' _I- M 

I <>ac ms - • *■••• 

I ■ Mid -a If I -r •■it. ••••'J'l 

I frpuctiv roiiiitii« jihI irliciHT' ,j| ui.inhisu.- 
! itirlns. T PIMrliiiiiinii. '•’Him.. a*li.iin» - 
[ iraili'ii nnl "Wln-r etpi-n-v-. ' I - rum 
> minnrUie-. . 

After overseas las of £ 

(fJMT.Tnn anti l ! K tan of H2V«ni 
rlllOmi. net income came out at 
f77.7m i £143.3). For last year it 
■was £339 .am 

Comparative figures have been 
restated m rcaecl adoption or 
F.D 19 on deferred las in place of 
SSAP II. Net income for the lirst 
quarter of 1977 was previously 
stated fit ISM.-im and fur the year 
at £2ol).fim. 

Due to uncertainties in comput- 
ing the charge Tor UK fax for loss 
than n year I be figure Tor the 
quarter has been estimated 

Set* Lex 


Alida Packaging 

Barclays Intnl- 

Berkeley Hamhro._ 

British Petro leum 
Capper Neill . __ 
Chapman ( Balharn ) 
Coalite & Chemica l 

Combcn Group 

Cowie (T.) 
Churchbur y Est ates 

Gough Bros. 

Morgan Crucible 

Mountview Estates 



Page Col. • Company 

Page Col. 



Normand Electrical 










Pickles (Wm.) 










Riley (E. J.) 















Sears Holdings 





Sidlaw Ind. 





Twin lock 





UBM Group 





Sir .lohn Law son, chairman ol 
Fairbairn Lawson. I iie engineering. 
packaging anti office furniture 
group. said at I he annual meet mi: 
in Leeds that ■‘the slowdown in 
earning experienced in the 
second hair of 1977 has been 
reversed. However, the pick-up 
has been slow. 

*• H e therefore expr-ci m achieve 
greater profitability in the second 
half or this year than for the lirst 
six months.'' 

Group pre-tax profit fur IJin 
increased by 23 per cent to a 
record 11.34m nn turnover up 
3 per cent, in £t:i.:;tim. 

no dividend 

With losses deepening fo£ IS4.S33 
m the final half. B. S. and \V. 
Whiteley ended the March 31. 
l«7s year with a pre-tax loss of 
£241.791 .‘iL’dinst a £2(10.743 profit 

After passing the interim pay- 
ment the final dividend has also 
been omitted. Last year an ll.3j> 
final was paid. 

At half-time, when a £56.9.56 loss 
was reported, directors said re- 
Mills had not met budgets. owing 
to a reduction in global demand 
fur pressbnard products, with 
both home «md export sales be- 
low - targe!. 

After making a proportion ul 
the workforce redundant, revert- 
ing from four to three shift 
working and other economy 
measures, they believed the com- 
pany was moving towards a stabi- 
lising position. 

Turnover fur the year dipped 
from £0 usm u> 1 ' 3.28m. and there 
was a £103.799 lax credit (£13l.SK'.l 
charge l. 

The lfi»s per 33p share is shown 
at 34.429p compared with earrings 
of l.937|i. 

Comparative figures for list 
year far the electrical insulalins 
luessboard and multiply pres-s- 
paper manufacturer have been 
adjusted to conform with new 
accounting standards. 

© comment 

After what E S and W Whiteley 
savs was its worst year so far. 
things seem io be looking up. 
orders in the lirst two months of 
the current year are well ahead 
r*f the equivalent period last lime 
and there is enough work on 
hand tn last until August. There 
are also signs that depressed 
paper and paper board prices 
may be moving up. Much uf the 
damage last year due to the 
low level or export sales— only 
£2m out id a 1 m a I turnover of 
CS-lm, compared with a contri- 
bution of over half previously. 
Competition for Whiteley s wide 
range of specialised products has 
been intense, particularly from 
Scandinavia but also from other 
Western European countries and 
-lapan Overseas the Canadian. 
US. and South African opera- 
tions all iraded profitably 
although power cutbacks were 
responsible for losses in India. 

Whiteley ( B. S. & W.) 24 2 

W'hampton Sr Dudley 24 _ 7 

Young's Brewery 24 7 

After several disastrous years 
Whiteley'.' slake in its Japanese 
associate has now been sold with 
a net surplus of £42.000. Mean- 
while the* company continues m 
diversify and has high hopes Tor 
■a new product aimed at card 
stationery manufacturers. Des- 
pite the recent redundancies, 
recruitment has even begun nn a 
limited scale. The share fell 4p 
yesterday to 3«p. 




Oyi TURNOVER up from £3.3otn. 
to £3.3Sm. taxable profits uf 
Pleasurama wen- lifted from 
■E34S.OOO to JMSt.unn Tor the hair 
year ended March 31. 1978. in- 
cluding a higher contribution 
from the associate company or 
rTW.OOO against £12.000. Profit for 
ihr whole of iho J97K-77 year was 
a record £l..1m for ihis entertain- 
ment 3nd amusement company. 

The interim dividend is m;iin- 
lained ;<l 0.73p nel per 3p share 
— Iasi year's final was 1.273p. 

The company is exchanging ilx 
49 per c»nt holding in A. M. 
Casino, which is operated bv the 
associate company, for a 23 per 
cent holding in the new Rii/ 

«':'<ino in Picc.idilJv. The A. M. 
Casino will close simuHaneously 
with the opening of ft ihr. in July 
of this year The directors believe 
that this wilt be an advantageous 
transaction for enhanced profits. 

I!*77 7< 197S-77 1076-77 
ewi rone hjiiu 
T ii-n.n.-r 3.379 7.007 

Trii-fiiK priifu Jo - ! 1 t 

Shan- of .•s-oilrtii’s r*> t.' ".v: 

Prc-iax prqrn OSl V* 1,504 

Tjx l«l *-W 

Plr-.iKur^nia ... ml 174 

AWi>i-|.ili.' . 7 141 

V -1 profit Ufi l«7 INS 

Minomy ime rests — t sji 

Lcavnu :.>r. IM «Sl 

Ini -run dnidvnt . 4S 4S ISs 

Rut in the interim, patience may 
he needed to enable the business 
to be built up in the new pre- 

Terms of settlement have been 
agreed in respect of the litigation 
in relation to the company's 23 
per cent holding in Mayfair 
Casinos. The shareholding h.i> 
been sold for a tola) of £1.13m. 
including interest, payable as tn 
£(i.33 ni forthwith and the 
balance, which has been secured 
by a lirsi mortgage against the 
whole of ibe share capital of May- 
fair and certain guarantees, over 
■1 period of 1 1 months. 

The book value Of this holding 
as at September 30. 1877. was 
£244.143 and no income has 
accrued In IMcosurama in respect 
of the investment since 1974. 

Cowie up 
38% after 
six months 

ANNOUNCING A 38 per cent 
ad\ suict from £0.31 m to £U.7rn in 
the mx months 10 March 31. t'JTS. 
yir. Tom Cowie. chairman of 
T. Cow ic reports that the second 
half has started “very well.” but 
that momentum will largely 

depend on the availability oT 
vehicles, particularly from Ford. 

Turnover rose 2'J per cent from 
£17m to £22m. Tax took £U.34m 
imilnn leaving net profit up 
from I'tl.Sni io £0.37m. 

Stated earnings per 5p share are 
up from 2.39 p to d.Oflp. Net 
interim dividend is raised from 
O.fifip to O.riflp at a cost of 

X79.UHU (£63.090). 

Lasi year the chairman waived 
dividends on IjgiiD.UOO shares. For 
the current period, he has waived 
£8.377, being half his neL dividend. 
Lasi year's dividend total of 

>.7(i44|) was paid on a record pre- 
Mx profit of £t.4n?. 

At the ACM in March Mr. 

Cowie said that with profits for 
the lirst live months running well 
in excess of last year the group 
was on target for another record 
12 month*. 

Now. referring to the motor 
division, he says record levels nf 
turnover and profits were 
attained in the first half. But Tor » 
new vehicle shortage these levels 
might have been even better. 

Good progress "as made 
generally, bul the Ford dealer- 
ships were again outstanding. 

Finance division results were 
excellent with profits showing » 
substantial increase on last year's 
record. The contribution of this 
dicivion rose from S1 .j1.lKH) 10 

Recent increases in interest 
rates have noi inhibited the 
volume of new business, he adds. 

© comment 

Like nui't nintor distributors. 
Cowie is riding high on the cur- 
rent buoyant trading conditions. 
The group, however, has the 
added advantage of a significant 
interest in the finance field, 
which ho« been reaping the bene- 
fits of stable interest rates. Reflect- 
ing a near two-thirds rise in 
finance* earnings and one-third 
growth in the mntor division, 
interim pre-tax profits have 
increased by some 38 per cent. 
Cowie fins again scored with its 
Ford dealerships and margins 
have improved due to a new 
vehicle shortage, which remains 
largely unresolved. Nonetheless, 
the motor division is pushing 
ahead and prefits for the Tull 
year could be triple the 1464.000 
I S-liiO.ouO ) recorded for the 
interim. The finance division may 
incur higher costs following ihe 
recent rise in interest rates but 
profits could still be close to the 
first half's oarnlnus of £240.090 
1 £130.(ili0). All in. Cow ie is looking 
Tor pre tax profits of about El.Sm 
this time against 11.4m in 1976-77. 
At 43p yesterday, the shares are 
on n full v taxed prn*oecti\e i» e 
of 5.B and yield of fi.7 per cent. 

Financial Times Friday June « '197^ - ■ 

Better performance ; 
by two breweries . 

. Ljl The Bet interim - dividend is. 

g°r r oup" 0 nt^po"u^. r wShS? ■ -j. (tat ^ 

SlBtJSs at halfway.- ■ 

The directors at Young's are beer needed to meet ibe; coq^ : 
now proposing a one-for-six tinulng strong demand- v ;; - 
capitalisation Issue of 1.04m TwQ licensed . housesvwetei^r 

Aililvu ^Vylurood 

■Sir D»vid Steel, chairman of British Fet rolenin — lower North 
Sea nil proceeds and increased French losses $ffcet increased 
contributions from elsewhere in theigroap. . 


Date Corr$- 
Current of spending fur last, 

payment .payment div. -' year year 

Alida Packaging 4.12 July 24 3-fifi • fi.32 3.66' 

Berkeley Hambro 2.22 — 1.6t 3.22 2.flt 

Capper Neil l.K — 0.94* 2.83 1.9* 

Charterhouse Group Int. 1.43 Aug. Hi 1.18 — 350 

Chapman and Co 2.43 July 2S 2.43 3.02 3.92 

Churcbbory Estates 2.RS -Tuly 22 2.33 4.(W 4.IS 

Coalite 11.1.4 July 31 ».9? 2.78t 1.83 

Comben Group 1.2 Aug. 3 l 1.7 1.45' 

T. Cowie int. 9.73 July IS 9.66 — 1.7 

Dooranakande Rubber ... i. 12 — 0.8S 1.43 1.03- 

Gough Bros 1.82 July 7 1.82 2.S 2 8 

Mount view Estates 11.87 Aug. 11 0.75 1.32 1.19 

Norm and Electrical l.Tfi July 20 1.6 2. S3 2_5o 

PeloJing Tin int. 49' June 2S 17.3 — SO 

l'leasurnma int. 0.73 Oct. .1 0.73 — 2.03 

E. J. Riley int. ? July 19 — — t — 

Sangcrs 4 Uel. 2 4 3.S 5.8 

Sidlaw Jnds int. 1.3 July 26 J .3 — 6.02 

Tanganyika Concessions . 8 Aug. 2 7 10 J 1 

UBiM 2.315 July 21 2.44 43J 42! 

B. S. & W. Whiteley nil — 0.3 nil. 0.3 

Wolverhpl-n. & Dudley int. 2 June 30 1.7 — 5.74 

Young's Brewery 1.58 — 1.49 3.18 . 2.89 

Dividends shown pence per share net except where otherwise stated. 

® Equivalent after allow ing for scrip issue. tOn capital 
increased by rights and. - or acquisition issues, t Forecast 1 jp final 
payment, y On capita! increased by placing. Ti Malaysian cents 
IhroughouL and gross. 

now proposing a one-ior-six nnutng strong . ^ ^ . 

capitalisation issue of 1.04m TwQ new licensed . housesvwef^i-^ \ 
cumulative preference shares or opeo ed during .the half 'yeaiy aiia^i ** •“ 
£1 to each of the- “A”. ‘ " ,. an “ improvements, 'to existing: -flatlet*. 

non-voting ordinary shareholders- pon^ne. ' ••' . ■■ 

Tn November they said- that . ' - -^- .' => ■ 

trade had increased and Pr’J® 1 « rORIRienf ■ 

had been held tor the 10 months • COm merit. .. .. 

Wolverhampton AND oudlev B rewe ries generally, -and: smatiT^ '. 
breweries— W 7 S-T 7 brewers i» parti^dan-look' serf or. S". 

- Half year a good 1978. The results therefore -gv 
1 £ from Young aiid Co, and Wohrer- : ;2" / 

sates a * J 5rS! 9SM2 hampton and Dudley are. a taste . 1 ^ -- 

Pre4a* profit S of things to come. Although prbC' ; ,v 

•Jg^ar : iSOS StS bb Jr™ imxKit-*cemtKW > -- 

Hah-awS CT«jitst ... W2.9W !»;?“ trading has much irnprpvetf?;ihf,T*f: i 

Pret. diTtdends i-=!i the second six -months, to - Warca;.'^ ' 

oro. dividends xs.-** -•**» 31 but" the benefits were -reduced- ; ft : t 

5fi? SSB' ™ b> £450,000 h. repair «Ws.- 4 
Kbcdtnre stoct nti Volume increased by mere, lhafri 

and prods on .sale ot inveaimenr* fU'9.«W g pcr cen t. over the. year JUSfr T .+ '■ 

ixcj.oooi. - ended and this trend has ;cotif s ,. l r > r 

to July J977 hut their efforts had tinued Into the - .current year-^ tr. ' 
been eroded by rising costs. . where margins will benefit- froa^jj. 

Stated, earnings per 50p share the Ip price- mprease .M'WarclT.^- - '.- 
for the year were U.42p fUJSp) Mean while. probts atVrolverhamphs^.', 
and the net total dividend is ton and Dudley. are up 17.7 per^t 
stepped up to 3.17786P (2^897p) cent In the first: six months- and .^:iv 
with a final of l.S778flp the company says it is borroadnfjriK ' 

After tax of £814.641 (£784.044) to fund planned developments jg£ . 
the net balance emerged at brewing capacity. ^Sales, Votame - ^., ^ 
£734J878 (£706.621). Net gains on - has continued- to grow .at '.last* as. f 
sales of properties amounted to year’s rate — estimated -at about- 
£ 3 S .237 (£592246). 10 per cent. — and the. February 1 ;.-. ... 

First half sales at Wolverhamp- price increases should more thaa: .'j. • 
ton and Dudley rose 18.7 per cent restore margins, to their" mld-igSfc.O 
to £23 7m (H? 4 4m ) and Mr. E. J. level. With . Wolverhampton’S; raw"'.^:. 
Thompson, the chairman, says that material cost fixed until ihe yearW ■ 
the company's trade has passed end. this augurs well for profits.- 
previous record levels and At 177p Young's shares stand-on.’' 
allhough costs still rise the direc- a P/E of. 15.4 and yield 2.7 .pgr ' V 
tors are confident that present cent while Woiverbamptoh..share» ^ . 

ho mqintninprl for at 207 o. based on orofits of £6.8nr.-^ * v - -: 

Aug. H) 
July 28 
July 22 
July 31 
Aug. 3 
July IS 

Julv 7 
Aun. 11 
July 20 
June 2$ 
Oct .1 
July 19 
Uel. 2 
July 26 
Aus. 2 
July 2L 

June JO 

■ - ~ t 


imMWMaSSM' 1 P 

AT ■ ss - ■ ■ 


Likely 15p 
premium for 
C. D. Bramail 

When dealings stall next Mon- 
day in the new C. U. Brumal I 
shares a premium oT at least lop 
over the 75p placing price looks 
I likely according to market sources 
last night. 

A lolal of 1.33m shares were 
olaced by Ford main dealer 
Bramail. Of Ihal figure some 
333.000 was offei - cd to Hie two 
jobbers. Bisuoo.i Bishop and W’edd 
Durlacher Mordaunt who in turn 
pass on all but 10 per cent to 
(he brokers. 

Dealers last night said that 
market interest was building up. 
and buying demand probably 
exceeds the amount of stock in the 
market by al the very least 20 

125% SCRIP 

Blue Bird Confectionery Hold- 
I ings proposed a live-for-four *.crip 
I issue in ordinary share- 

The director-, of Hlue Bird 
intend to make a «m3ll issue of 
1.175 new ordinary sharps i o the 
trustees of the Blue Bird pension 
scheme for caWi a; the middle 
market quotation current at the 


\\»- l|Jf *!••<■ V III), ■+■ "I 

Mm si IW. —i 
l**r <•■■ w-k 


date or >uch issue so as to ensure, 
that after the scrip issue (to 
which the^e new shares will be 
entitled) the issued capital will 
become Elm — giving' trustee 

An EGM is called for July 21 
to consider an increase in the 
authorised capital. 


Statistics compiled by Midland 
Bank show that the amount of 
“new money" raised in ihe UK 
by the issue of marketable securi- 
ties in May was £79.8ra compared 
with £23 1.9m in the corresponding 
month of l'Jn. 

Public bodies accounted for 
£3U.5m of the lolal, of which 
113.7m was raised through bond 
issues by 27 local authorities. A 
torthei* £49.3 m was raised by nine 
company issues, of which seven 
were by way of rights amounting 
to £43.0m. The largest was a 
£37.3)7) issue by Rowntrre-Mackin- 
tosh. ihe second cal) to its share- 
holders in under two years. 


The rights issue by Horizon 
Midlands raising £l.06m has been 
taken up as to 97.26 |»er cent. 

Morgan Crucible £0.5m r Jvs 

off in first quarter ■ - ‘ 

SALES FROM all divisions of l<?8p. With the exception' of -fter -L* 
Morgan Crucible Company U.S. most markets have been 
Increased during the first three appointing and trading margin*^ ' 
mon-ths to April 2. 1978 and have come under- further pregASS- 
tofaUed £24.39m against £22^5 m sure, sJifHrin? by more than 
last time, but profits fell points to almost 13 per cent, coin- 
from £3.12m to £2.66m at the pared with 14.4 per cent in the^t - 
P re-tax level. Last quarter profits previous th-ree months and 
for 1977 were down rrom £3.2Zoi per cent, in the third quarter >'£* 
to £2.74ni but for the full year of 1977. In the thermic dhiftVf 
the company achieved record sion (crucibles, refractories).' tha* c : 
results of £ii. 94m. low level of demand.' has -been- • 

In April -the directors forecast 
lower first quarter profits, but "kSL® 6 

they said that the second quarter ' 

should show an improvement over 5 ££ f * i ’ 

... _ . _ _ , . the carbon side has been affected,* . 

t ^”i^ ond,n- ’ peno< *j,. by the lower level of consumer/ 5 

S {2 spending on domestic efeotricai ,. - 
12J) per cent compared with 16 appUaoces. although . there -; U*i 

pe £ l r® n _ . . , .. been some support from the'm«?e!.i 

trad raj. profit, buoyant spectafct efigineerii^'^"- • 

rStSm'’ ySTv-m) 11 a a S ni°' sector. Morgan is a major exportei; a ' 

fr?SLi- ,iSA Ih2imin nd nn’iftm 3,1(1 company says therein* • 
r£LH9m>. thermic £10J8m Of a revival lb Ffattre,- t — 

TlirM- Eastern Europe and Au«»tralia.4Lj — - 

nuMihs Year this happens, profits of ; • ■ 


Tradinc profit 

InvvnmcQi 1 n-.<om<* .. 
Nui finance charges .. 

Profit before Lax 

Tax i 

Nel profil .. 

Mi non lies * Prf. dlx.i 
Ejnraord. debits ... 
Aimbuiatik •. 

■ £12.3m are possible - for . thp 'fuiL^ ? 

s ^j year, aga-imt £llJ4m feist tunc. ,0h^, .. 
‘aitoe a.396 1X630 a full tax charge the prospective-* .. 

- — p/e is 7.9 while the yield is 8,1/ >• 

iSS c* 0 * on the maximum <firp . 

uJJ IS dead payout. 

1.330 1.S90 S.457 
lri 0? 261 

— 9 202 

1.408 1.816 739* 

Davies and 

(£9.32m) aud £1.45m fn.7Smi; INeWlHan " • ' 

acorn £3.C7m (£3.38m) and £0.35m „ I „ , . . . 

i£0.4lm); oiher products £l.06ra Mr. 1?. E. Newman, chatnoaubf . v 
iXO.TJm) and £57.000 f£8.000 loss). }»■"» .J' B J r "! £“ t 

and holding company profit ** *{* ^?J V L, t ® f t i' ^*£3* ' 

£111.000 (£87.000). Exports i®£ J? hL rh a » fStiSt*' 

onolaj'saEfc 57 ”' r CeI>t ' Same ' ■ ' 

l tai s s. contracts have been entered into-:; 

First quarter earnings per 3*p for the sa}€ 0 r the two Boeinci;- 
*-h are are shown ^ 3.4p f4.4p) 707-321C convertible, aircraft* 
and 13 8p for ih<i. which Dan-Air were current!^: . 

Tax on the ED 19 basts for the operatin'- • * 

period was £1.14m (£1.23m> and The sale would produce a iiel£ 
comprised UK corporation --lax cash amount after repayment^.' - • 
£0.88 ra (£0.95m). reduced by loans of S6m and also show 
relief for overseas tax: overseas useful book profit on tbe sale’ Of" , . 

tas £0.33m t£0.33m), less grants the assets. The remaining two;-.* 
for capital expenditure applicable 707-321 aircraft would continue^ .'. 
to the depreciation provision of to be operated this year hut^Vf*- 
SGS.000 (£69,000). expect to phase them out 

In April the Triton ceramic pletely by the spring of 1978, • , ■ 
fibre factory in Liege was partly ^'d the chairman. - . '.j ; 

destroyed by fire. However, mar- . . ' ■ -J- 

kets are bflln? supplied to a very I inflTYlICVTl SIT. 
lar^e extent from other Morgan v/jiuuuwu . .$■ ; - 

and Babcock ceramic fibre 


ana oaocacK ceramic nure PanfAC ' •: •• 

factories. ACIllUlS) 

Mr. T. A. Maher, chairman off'. - 

• comment Penlos, fold the AGM that. the= 

, ... group’s prospects continued to be . 

The difficult conditions for o 00 d and he believed that the. / 
Morgan Crucible in the last next few years would be veryi . 
quarter of 1977 continued into the rewarding. > 4' ' t. - 

lirst three months or Lhe eurrenf However, he reminded holders : 
year, and profits arc almost 13 that the increasingly seasons# - ). ’ - 
per cent lower quarter to quarter, nature of the group's business 5 /':--' 
Although a shortfall was expected, meant that in the current jeSP?' - ,''*.. " 
rhe shares «till shed 3p to dose any improvement would be con-'l •« _ •" 
jusj 2p abo\e the year's low of centrated into the second half-' • . ’ 


Milchcli Colts Gruup is advised 
liy Samuel Montague on connec- 
tion with its bid for the shares 
if docs nn( already own in MifcJteff 
Colts Transport, not by Hill 
Samuel, as madvcrlenily stated in 
yesterday's issue. 



imid. .. 

!».. .’.‘►'•i 

•V.-I -||- I ».I|. 


'IM-II 1 H.. - |»<-ll -. 

1 .'.'K'.'.rv'i i.i V 

* •) .TiO. - / 

Ii - i...r> r A ■ *1 l|.-i 

\ •-- 





S l«jifr«.1 Jt> *i ln-i- 

* .... 

1 •intr-*c-* ... 

nr-', VI -.*>4 a 


!■>.»' I.ftin 


-.v-l*.? - ").-).' 

I - **! f. 

hki'm.i mi. 

i.i \ lit l.i 1 li-i 


Vi-lH. .. 

► .aib.uw.*'.'.' 

Ill ‘ *■■■-.• >MT 

?.«*r.4':iT. - iol 

Ill |i*nS.‘j; iJi.'V'i 

Another record year for Sparrows 
£1,478,000 Pre-TAX PROFITS 

Extract from statement by Mr. A. W. Sparrow, Group Chairman. 

1977: The Year’s Financial Highlights 

? wedi 

S-.-KI - ** 

■ (ii-*ii* .. 

I >1 hn! I, V. -. i 
1 ■llic Hnu-illr- . ! 

II ulS.liO 
,)i :.*’W - ji. - 1 - ** 
,WI,M9.3i - 274.'lii'..«g& 

Brasil vest S.A. 

Nel .i»el value as of 
31 si May, 1978 
per L'rS Share: CrS29.0St 

per Ueposltury Share: 

U.SJSI 3.168.25 

per Depositary Share 
(Second Series): 
per Depositary Share 

(Third Scries): 

L.S>S 12,12 1.75 

Turnover (excluding VAT) 

United Kingdom 

US. Subsidiary < 1976 Part Year only] 

Pre-Tax Profit li478 1.3 12 J 66 jj 

Earnings Per Share (assuming a full wx charge ) 12_54p 1 1 ,64p 0.9p 8 

Ncc Tangible Asscn 

(before deducting lax equalisation) T23p 109p j 4 p 13 

Where appropriate, figures have been amended to uke into account the scrip issue in 1977. 
A copy ol lhe full report and i«o«inc* is available on rrpuat from fre Secretary. 

































109 P 





Sparrows lnlernatloiia] Lifting Specialists 
Lower Bristol Rcl. Bath, BA2 S)ET 
Tel: 0225 21201 Telex 449246 

'• June. 2 I9f8 

it. - 

r II,' 

r * dej* 




JI * °«2 



;ha ^V'S 




•’ a,r i-ta. 

Itnr 6.S 

it -.^, 7* 
' d ‘bai £ 

ben etii j? 

up 25% and Capper Neil 
md half byover£lm 

tJ 3 

mm^m} ■& 


I'SiSSra 1 

■"' •£•■ Y'L • • ‘ ' " • an ADVANCE from £4JSm .10 from £231,668 tn £275,745 in Ihe 

.PK&rox; 7RE detoyedcommence- * Alenco continued to experience This company currently has a isJBm in pre-tax profits is March 31, 1978. yew. 

ment .- of - «he .-receipt trf oil dull markets at home and abroad, turnover of FFr 30m. reoorted by Capper Neill for the After* six months profits was 

yevOWiM tiwji thB.-oaastteReW in but the introduction of new pro- This is the fourth major invest- *M r to March Si, 1878, on turn- down from £126.954 to 

fb4:N6rm Sea, taxable profits, cf duct ranges for the oil and petro- ment by Charterhouse's Paris over of £69 13m against £50.52m. The final dividend of 2.Sup 

Qurtertiouse Group rose by 25 chemical industries.ts progressing office this year and follows At the interim stage directors takes the total to 4,63p net per 

peC'‘‘cf»t front- £3-S3m To £*L47ro satisfactorily, ■ they say, and quickly on the announcement of revealed profits ahead from 25p snare compared with 4.1S42ap 

iae :tiie 2ta2f-year to March si. promises well for the future. In its investment in Ftnandere de fi.sim to £2.06m and said that last time. 

19f8; ; on turnover itp 14 per qent France the - benefits of the Developpement et de Conseil, a they expected the fuH year’s 

t^fTJSnt'Ptofit.for the full 1976- reorganisation should result in French finance company. figure to be somewhat in excess . , .« 

lVft xwyns '••> record "ASZ ib. improved profitability, they add. H»ir year Yew or last year. VDf'fiTlH hn"T 

' . Production from the .Thistle _ construction products, ' 11 m? , *mo 7 1 ȣ T Export saiea represent 34 per ijCtulllI llfill ; 

■SSLSSPSaft' SftSf “* cffiSVJEUS VSSS «&- BB SH ^ anrletill 

!S«t CT0P me «»--»*■; S 33 i» &,V StaiMSIUl 

_^^-.directo« sayfthe outlook January- The results of this . .r™ *51 ?.Sl to the past year £Sm was V nw* 

fep’the^remainder^of the year con- sector include the losses to the Forcim ........1. '«o sm i!mj invested In fixed assets to support OV \ „ilTYl FE£*in 

proflT 3,005 5.500 5.09* the group's' worldwide operations 

I rMv infBMt UK IRS vn n .i—i— „ <A Muh .at' 

..... . . . .• j' - ■' 

tinues to . be. promising. They say date of sale. icn prom !!!!!!!’!!!! aw s.soo 5.<»* the group’s' world wic _ 

tig T pr os pects. for many of the in 'distribution and services s ?2 and Capper is aiming to reach at yoLUrtVING A £4l,uuu adwmee 

^Mj^a.^.^ivities^are excellent, Edmundsoa Electrical had some ^''enebiSen hS least the £!00ra sales mark during at half-way to £641. oou. virtually 

wm^ j^duoion m a; number of difficulty in . sustaining thfe baoums activities. t on ed ib huh. 1080. ' , unchanged second-half profits 

k^£vy*ar*;rinmDlems^ and oil marked^ improvement in profit- _ . The group a Increasing Its have left the pre-tax results at 

TCVOWWit^Mlng received -from the ability of the previous year, but # COHiment range of activities through ever comben Croup up from £L26m to 

T^S^.oilfield: is operating from a considerably -T-h y Chnm>rhniTM> »rnnn in v-n. widening fields and tlw! directors on turnover ahead from 

.^dt^cW^confirm the state- strengthened base. on ihewlv ta adfieS?? P th! - «m**nue to v^ew the future vwtlr ns.toi to m.GCtn. 

simt mJast year’s annual report +, > 5?? co10 ^ experienced the riCant increase 'to profits forecast- M 10o sliare are h5 "itnS ! 

rfst snWect to there beinp no traditional lower level of activity ^ chairman in the :977 Earnings per iwp sni are new homes has accelerated sisnifi- 

iiftfores*m v ' -CircunKances, X978 of ttia ' photographic business annual report. Although a divers!- shown as 20p cantly in the early part of 197S 

Jwrtiia : »>«««» « ^;flr"n7 ^ nrn , irv . during "the-' winter months but fled croup rts performance hr vwy dividend is „ e „^ tivelj ' ra ^f d from an d that after four years or de- 

increased profits are expected for sSsSS *nd Xs T5P l-9023ptb 3.WlJp net witt a fin^ dipe increased margins are now! 

OacffHtinsr nrofit irrm fffiMmV the full year. ' acquisition the pbotofinisher Nap- payment of 1.5972p. The directors hemp obtained. 

was^sSit as P ta £000 1 - rtmmlnri Spring- Grove made an excellent colour increases rather than state that they axe well aware This should be reflected in the 

mentwlS'Sas^f&y^Sk- **** t? *“ r Md profit decreases the seasonal n a tui? of ^ D JS?JS£ r 2l£ ^ormt year's trading results. 

Second half 
by Comben 

r tfc.. mmtr«aaita1 h> n v sran to tne year an a strong prom decreases the seasonal nature of wtu - _v — ~7- cuiwm a lesu...--. 

benetl » after' growth is expected this year. ittresufti Napcotour is doiM 1 the substantial progress made prodded there are no additional 

n Hi* S gJ ’S.-gf) The hrtSta dividend i, ™ nr 'S!lt„d U^SShi n ed ? SS «*er U» last few years, by the .Influences bronchi ,o bear 

'- -* K ertiafc a r0 *f3ri increased from lJ3p to T-45p net two turnarounds, suggests that the company. on Ule industry. 

a f‘ i7:2 jengbafteUng 2,478 25 d share— last year's final second half residtwili be well Tax, on the ED 19 basis, for the The group has a land bank of 

months £ l^ 5 ?si2?^S^tatiS?i , S S l ^‘ wa5 2 - 1 ^ 5 P-' TTie directors ^intend ahead of the first half and an year is totally deferred at more than 6,000 plots, providing 
*■-. borr 0 -*' vS> ( Yam -$ 10 *** " second interim dividend improvement on the last sis £801.332. compared wntt »78j68l a firm basis for future trading.; 
'■•'tawnS? ^ ntraJ of 2.2405P for the year to months of the previous financial last time, of which t>bo.^l - they say. , , , r 

> 5 ,t.r .. activitias 456 loss {4181, ■ spnti>mh»r SO 1 D7R Thp vpar-pnri u»sr 'Tho tumamimHc «v.m nrrnr deferred. And sorae £2.8m has The final dividend is lifted from 

month! E 

*•: h °nw 

>ai « v„| * 
~ r ^' iljj 

^ "eft 

activities 456 loss <418>. • September 30 1978. The year-end year. The turnarounds will occur deferred. And some £2.8m has The finai dividend is lifted from 

Dm'^opprent profitt'iiave been has ^ an ged to December in the construction products dfvi- been added to shareholders funds, Jp ta i^p, taking the total to 1 .#p 

m a mum ed. at a. satisfactory level, 31 so accounts will be Tor si on and the French subsidiary of representing provisions no longer (L45pj net per lOp share. 

W director- comment^ and in 15 months to December 31 1978. Alenco, a member of rhe engineer- considered necessary. The result is subject to tax or 

banking, .--Charterhouse. Japhet Future dh’idend payments will Ing dhnsion. Last year the eon- Some £8.587 (nil) went to minon- £326.000 (£85 000). Hetained profii 

iieir atarted-tfit year. well. with ah ira- be adjusted to take account of struction products division recor- ties and there was a capital profit emerges at £540.000 f£808.000). 

i:. in P^OYed- Profit . ■ t h;s change. A final dividend will ded a pre-tax loss of £1.036,000. on sale of fixed assets of £16.816 Earnings per share are shown 

"■I’ lh 1 ti. Insurance broking profit' fell be- be recommended payable in June In the current year it is cxwrted {£7.691). The amount retained at 3 >!p f4.G3pi based on the 

K?*!' Uk sit 

- 11 ‘ or pn* 
ar M ^and ► 
:' ; e!d y . 

cause; of increased -development 1979 in teSpect of the three at least to break even. Analysts came out at £4.1 3m against £2.Rm. ae tual tax chjrge. and 2.4fip 

costs and, reduced currency bene* months from October to December have lifted their estimates of the The company carries on busi- (2.39p) based on a notional 

fits, they explain. . , 1978. group's full year pre-tax figure to ness of design, manufacture and per cent charge. Net asset value 

m the. bflglQeexdng- sector It is also announced that £11. 5m. The share price rose 3p erection of pipework, storage and per shore is shov.-n at 36.39 p 

MaR.if.rn . X- " ' riMaUmMnvtf »hn 4/v nlfirn fXCLn ^nrlnMlw MIlHTlO 4k ntonf mHllCfrV /OT 7nl Vrtflppt in« fhp rblirf*h»>P 

Nfewagi: f: Eii^neers performed Charterhouse' Oerelopment. the to close at B&p yesterday civinc a process plant for Industry. 
. "is Of outstandingly welL (UraMflM vtM-pTnnmnni nnlisl 5U!h4idiarv. vield based on a net dividend 

directors -development capital subsidiary, yield based on a net dividend 

i a.nd .tyj state, • producing "ah increased -bas acquired 80 per cent of La forecast of 3.6905p a share for the 
profit. And .it now has a very Pierre Oquide, a French manu- 12 months to September 30 of 8.7 


(27.7p) reflecting the purchase 
and cancellarion of £4.1m of ihe 
7.75 per cent unsecured loan 

healthy order book. 

facturer of building materials, per cent. 



Barciays liitl. £ 5 . 5 m so far drops to 

cent, but the gam in the second- aa 1£ > < o^j 

-A: ' - ' ' . half was held to only 18 per cent xZ 

A £5.5M- INCREASE in pre-tax terminal losses amountmgto some excess of those achieved In. the A near compeutor, WhessM a £6i72S downturn in first 

profit to ffil.lro is reported by £10.000 -which will be written off firei six montite of ^previous proQts to £70,459. earnings in 

Barclays Baaklnternattonal for as an extraordinary item. sw. In yesterday's report on the “l°nthstoMarch si and the ^ baste ^ ^ ^ months at Gough 

the March SI. JOTS, six months. • , ' AGM the comparable period was ofthe “j JJ22J? Brothers dropped a further 

Profits after. Interest bn 'Joan WPi- VT vv implied as being four months. FJ£rJ?__ fn) £ nSnfrti? ^^hnut SS3.000 leaving pre-tax profit down 

tal Of .£7;lin compared with £5m : Cir)lnYX7 nTOrll Tb « Ggures so fair achieved do ^ e f “ i„ P Sp STmontlw to from a record £305.146 to £215.183 
previously^ V- . OlQldW •: W Cll not include any contribution irom “hS fSnSJStaS is n the January- 2S. 1978 year, 

nh^etors h : .1s difficult to * - • ■ , _k . VJf. SeUdrive. September 30. but Capper NeiU is ^ c _ Gou h> h chairman. 

Trading conditions in the UK, stock. 

plus the completion of several 

major Middle East contracts i -rj 

restricted profits growth in the fjOUSSl OIOS, 

second-half of Capper-Neill s last to 

’'*~ r a? Profits aftftrioterwrt on -Joan capi- ^ vv 

i Pf vt :■ gi tal Of .£7;lhi compared with £5m : #l|n \rr I 

is - '.i n- • previously.- -J. •->■•• • . 4^341*5.^1 TT Tr JLa. •w* «— — ~ J.' . a _ (u ._ « n hl , t r >nn pp.N»ill i« ,n me •iuiiui > -> 3. iaio jeo*- 

opwn Jmt Q _____ sagsa; a 

s::,^ recovering nz 

Li - profit Of the-pareat Bar^aySBank * T WUI & 7flwi L£t ° ^ ^ P ressed P rofi V u 

CV was £2fi7-6m.Last t year , s:half j time PRE-TAX; pro fits forthe hah year 3tl/« / ^Ol t- Turnover m the period rose 

.... 1 contribution uf tiie-l&tmmational to March -SI, 1978 of SIdiaw Indus- from £13.21 m. to £14.«6m^ and 

"■v.V.4; arm compared^^totfll profit tries sloped from £566.000 to 1 O -g n,ireAlikurir the profit is subject to tax of 

of £13 1.5m. by. Barclay^ - £111,000 which included associates, TQ C^IlUrCllUUry £jj, 322 t£l 05.9 1-) and before 

' The "half ~yeat rejjdt includes £82, 000 against £73,000, on loner ■ extraordinary debits of £15,000 

\ £11. 3m. (£8.4m.) from associate turnover ot‘ £18.98m against CHANGE IN the trading pattern KstateS I112Il£r (£ 2 .' 449 „ r 1 eo„ 

companies, and # hgEoxe: tax^ ;-of ^ £20.45m. -• for nharniaceuU'cal wholesalin-. lliguti An unchanged final of l.82p net 

' - £30.7m. (£27tn.), minority interests . But- tbe directors say that trad- esoeciallv during the last & Subject to tax of £144.434, per 20p share leaves the dni- 
of £5m f£t7m) and oxtroordmary jp? condft^S^SSletf are now months. 'has adversely affected a gainrt £188^23. profit of Church- dendtota^ at 28p, absorbing 
credits of- £2nj-f nil) . . better and a suhstahtiaf improve- profits at Sangers Group, whole- bury Estates, property Investment £71,708. Earn. ng. per share are 

A £7m ttefiot on net menl in '?esult?lan. be. expected sale chemist group. For the year and management group, advanced shown at 6-p (a.4p). 

" ;V assets TieJd loyero^ -Md forelffn ^ second haK. Profit for the to February 28, 1978. pre-tax pro- 

currency 'bortoWihgSf .hsed toe jpu ^976/77 year was £L19m- fits fell from 12.44m. to £1.63m. 

acquisition and -expansion; -has.; . h.vh»o*i made a on a rise in turnover of over £10m. 

in ihe January 2S. 1978 year. 

falls £0.79m 
to £ 1.65m 

by Denys 

3 infill Cl! is ITS Jla 


rrS 7? I 

Published Monthly price £2.00 
Overseas Subscription £28.00 
Annual Subscription £25.000 (inland) 
USA & Canada Air Assisted $56 

Apollo Magazine, Bracken House, 
10, Cannon Street, London EC4P 467. 
Tel: 01-248 8000. 

r.'S currency :^jroo4wng*: Bsed wc fun 1976/77 year was tL19m- fits fell from 12.44m. 

r :;: and -.^xpans rog; -h as.: <i^ e textDea division made, a on a rise in turnover of 

ib - - ‘ hflete - - Vnat, ’ thpiy gtafe. fhp main reasons to £90^m. 

- AH -otl^^ ^ aia ng e^jrpnU ana •whieh" warn r a depressed roar- Akthe interim sti 

t> ; rv-:i:I losses haye.. been >mMA:,wul'.:in. w’ «Kd AKeK'hnicad wereamm from £122 d 

the interim stage profits 

T-, : T ' -TJJK marketing substefi ary smiaw pe-ieveiyoi 

E. j. Kilev at Of' -Scotland, Gills; South Mills, half, compared w*th the first. 
w . .. . hnwpmw. iticreared sales and ComnetRjon for business 

.. n ri firisr increwd sa 

d Hu l?3 >4T 037 Jit ’ - 'profits from its synthetic 

..3tArflj/A7 - iai ' ; .-’. v- .-; .operations, .they adi - - 

^ however, increased sales and Competition for business has 
.'N..'; mrofitatrom its synthetic spinning become increasingly intense forc- 
op6Eations, thay add. - - -;ing Sangers to take artion a ppro- 

HoMings for the half year 

ite a loss from Orkney reduction in stock profits 

■ - jfv ' tax, on . turnoverjOf £CZ9ni-.-. -.• -the bumhess at above book value.; wholesaling business. Although 
, v .~ • The directors bave^ deetoea aa», The -interim dividend payment there are difficulties »n pharma- 
interim diiddtod. p^lftp share oi ma&tained at 1. Spinet per 50p ceutical wholesaling, the Board w 

jsm at 

4 V interim dividendperlOp ma&tainedat 1. Spinet per 50p ceutical wholesaling, the Board is 

• , .:; b .'. -.pH- lp net, costSm ^(£087. gpd jlso T^ Karef posting £82,000 (same). Last confident that the problems can 
£ : -i - 1 confirm . thftvxprecas^Iat^ ^ ^^.^fiarih-final-wui 4^1942p. " be- meL' • 

- •:' payment of. liip^ ; • • v Hie directors 'say that interest ' Although it may well take a 

•1 ~ r " , Snooker maimtacture and maio- T ^^g ft». ■■- *264,009. ' against -Jtttle time for the benefits of 

' :;i V.'T ’-j" ' tenance. " and .- -£485,090, .were lower because of . actions they are takiiig to have a 

iff - 1 . ■ .snooker dub^ wntrlt>utMfii4,uw. lower interest rates and, in the significant effect on profits, 

s ' v tO profits, : an dnerease for the ^r Tf-months. lower borrowings, directors are expanding the retail 

rr— period, Ana the -same L amount' -was --However, With the current pro-, .optics business qu4cHy and 

_ yielded by 43 ib - J uaiituro. ffirtsip p. .^aamme of capital expenditure devotme considerable resources 

.t-fll SI Mr. J. W. Hixuile, the <±aDrman : principally concerned with the and- effort to "Oiat end. They 

gays inat the jopenmy^mwiuis oanpletion bf. the mbdermsation heKeve there is a lot of potential 

the curtent-year were lifficiut for 0 f the weaving activities of the jp area which, they Bay, 

C this dhdrton.- and-expyessegjno^ textiles division,- and further ex- be reflected in the current 

’ <•. surprise thatiproffts were- not as. pan ston of: the oil services and - year’s profits. 

-high as last year. - engineering division has required* --.j^ter ^ £039m (£lJ3m) earn 

ifitf ' y ;) *nie . ssroup’s retail ; Shop ^ greater _ me of financial ra- jngs per 25p share are shown as 

rt ‘ i c : £3,000 anff mana*«M9^.‘ ^rvices - ■ HO tir<»s^ _ « .Bp - (I3.8lp) and the dividend 

. tnc ' !v • £11.000 to fhet0taL_^- '•.Si/ ' y-.- j ■ -payment is mamtalned at 5^p 

srr- At 'the. eud :.o^;197T it .- v- 1A j rcn viw "with ’an unchanged final of 4p net. 

, J ,.- : : dded thatanbs WiayyfwJ^^gg ,; ;-flANGER HVy. ' Pre-tax figures were struck after 

e w ?: ' ; ' fit first four worths of fihe ^a number of exceptional, and non- 
c ttV'' - proms from Hanger recurring, items amounting to 

monly market 



^TTiT* TapTTjViT^ 

inpi ! 



■ ■ - Y AAT' ' ' ■' : : i : - • 

c>-; ; J/ 'ft Y; ?•; =.- 


I'Ti.'tt titp. 

I . fTM# ^ tv '"V’ijflje|^X.j 



fTTgU? 1 


market ] Twesnry 
fillb 9 

write to- i ).N. Idris Pnnrw ERICS. 
. - - Richard Ellis, 64 Cornhi 1 1, 

London KC.'lV 3 PS. Tel: 01-283:3090 

Vs-® 1 * 

„ iw6-nwniO"SJ*ffl «r cent: and Uiree-owntb SiiscM 

(Cwh : ■■ and Taro-nmnlh SSlm^nffi V« MflK *WJ Utrcc- 


■Financial Times 

Charringtons aids Coalite : 41ida sU f 
in jump to peak £ 16 m 

UBM £lm better with 


xpansion overseas 

in the second half. Coalite is 
reasonably optimistic about im- 
proved market conditions for 
smokeless fuel and fuel oil this 
year. The shares fell 4p to 73p 
yesterday w here the p/e is 5.6 
and yield is 5.7 per cent. 

INCLUDING A £4.u7m trading 
profit from the newly acquired 
CiiHrrington division, taxable 
profit of Coalite and Chemical 
Produeis jumped from f JliJl2ni to 
a pe:ik ii6J2m in the March 31. 
l'.ifs. year. 

Including £lU7.S4m from Char- 
r in" ton, turnover of tiie group 
advanced from £o7.4Dm to 
IlUS.-fJiu. The profit came after 
a reduction in interest receivable 
from £ 1.43m to £0.89m. 

Charriugton results have been 
consolidated from October 14. 

1U77. and for all the year its turn- 
over was £ 199.0m. and profit 

£637m. PROGRESS WAS sustained at 

When repo run.? first-half prohts /ilauirtrieH’ Estates in the year to 
ahead from £4 !i9m to £6.oIm March 31. 1978. with profit ajvanc- 
d i rectors said that with signili- ing from 1792064 to a record 
cantly more production capacity £937,734. subject to tax oF £497,996, 
operating stocks of Coalite for aE , a i ni)t £384.705. Turnover was 
the winter were tower than in the better at £2.09m., compared with 
previous years, white oil and £i.j}y n i. 

chemicals continued to make a staled earnings per op share 
substantial contribution to profit, improved to 9.lSp iS.l-lp) and the 

In line with ils acquisition net total dividend is lifted to 
forecast the total dividend is i,3235p tl.IHG25p) with a final of 
lified to 3.77!«!p net per 25p share 
from last time, nfler adjust- 
ment for ihe consolidation from 

advances to 

to expand with exports ending lho 

year strongly. 

Overseas companies, including 
its Dutch associate. maintained 

satisfactory profit. 

Directors look to substantially 
improved results In the current 
year, when -lhe group .should 
return to payment of dividends. 
Dividends totalling £37.000 were 
paid in 1975-76 when a £0.46m 
lo"»s was incurred. 

Profit is before tsx of £304.000 
(£140,000 credit 1. minority 
interests of £37.000 <£15.0002 and 
ex-traord-iuarj losses of £59.00U 

Earnings per share are shown 
at 1.39p (0J8p loss) and aFler 
ex traerd-i nary items at 1.13 p 
( 2.43p Loss). 

Peak £lm 
at Normand 

Hip to 25 p shares. Dividends will Tumwr 

absorb xY.Stfm’ (fiUdrnf and the Tra ' llnR profiI 

increase has Treasury approval. 

Earnings per share are shown 
ahead from S.S2p to 13.l)fip. 

Iuktl-si nrccWi-d chars-.-s 






i. nd III ■- and clii-nili-ali 



T7 J-V 

ViT -i-it 




Ti-jiijin^ jireni — . 


r.u3liH- -. 





lm..-riM r-.i-u 


1 -l.’G 

Profit before lax 




T n.'!i 

5 HIT 

K. 1 prulil 

* . V»l 

J Its, 


1 U.-.7 

Pi-i.mi'-J IioMiiu • 'J. 


SUbtldx. J3S>J>.'13I>--S 


( l/i Mxoi&uiev ivilii 



v. 1 />rai)i 

urd. div*rt«ids 
Surplus on subsidiary- 
To p-serves 


■ On liquiddiiou. 






i tflo.wr 




30. ESI 




792. 044 


■SI 703 

407 i". 9 

Hi. IV. 








to £0.64m 

9 comment 

With some five months’ contribu- 
tion from t.'harrimrton, CoaHic 
and Chemical has increased sales 
nearly i.h rue-foUl and pre-tax 
Profile by about 00 per cent. 
Stripped or Charring ion's 

figures. the latest results 
*how that Coalite's profit 
nts reins hare benefited rrom its 
recent ration a lisa l ion or produc- 
1 ion processes. First half sales 
growth of some 17 per cent has 
been offset by a .--light downturn 
in the second half, (".narrmpion 
has also been unable to iifl fuel 
nil salex although ,oiid fuel dis- 
tribution held ils own. With 
chemicals showing some recovery 

T1IE RECOVERY at Twinlock 
which resulted in an £61.000 
profit against a £334,000 loss in 
the first half lias continued with 
taxable profit for 'the March 3, 
1978 year at £039.000 compared 
with a £157,000 toss last time. 

Turnover of 'the unquoted loose 
leaf equipment, systems and filing 
products group climbed from 
£22.54m to £26. 57m. The company 
is one third owned by the 
.National En-terpra-e Board. 

Mr. A. K. L. Stephenson, the 
chairman, say.s 'tbc results and 
the £l.Gm working capital reduc- 
tion confirms his interim fore- 
casts. The .traditional Twinlnck 
and Shannon busine« continue 

A JUMP in second half earnings 
Trom £187.000 >to £659,000 has left 
taxable profit of Normund 
Electrical Holdings ahead from 
£0.41m to a record flAi+m in iho 
February 25. 1978 year. 

At halfway. -profits were 
£158.000 higher at £381.000 ,-wid 
directors forecast a significantly 
hiuher full year result. 

Turnover Tor the year climbed 
from £ 10.05m to £13.15m. and 
directors say -that so far in the 
current year order book?- arc 
mo-re lightly loaded but dn not 
give cause for emu-wn. 

Tax takes £497.000 ( £174.000 J 
and last year there were extra- 
ordinary credits of £4.000. 

Earnings per 20p share are 
slated at 7.5p i3Hpl and -the final 
div.idcfrd of 1.7617p liTts the total 
■the maximum permitted from 
2.554tp to net. 

AFTER A second-half do-tntum 
from £301.401 lb I3S4.S60 Alida 
Packaging finished the year to 
March 31. 1978, With taxable 

profits ahead from £6(51.71)3 
£722.056. Sales for the full period 
advanced £l-lm to £9.14m. 

The directors say that re. ; ulis 
were achieved against a back- 
ground of depressed market, 
unstable raw materia! prices and 
price cutting by competitors. 

They add rhat the national 
economy and the company's ov n 
particular industry are still 
operating against a background 
of sluggish demand and Jiltfo 
market growth. 

Overcapacity in the plastic 
industry has been partly instru- 
mental, they say. in creating u 
highly competitive market. These 
conditions make it difficult* to 
forecast for the current year they 
add. But they say that the 
group Ls better equipped than 
moil to take advantage of any 
improvements in markets and. or 

After Lax of £182,300 compared 
with £35.700 staled earnings per 
lOp share are down from tS.fil'P 
to 16-Pp and the dividend i> 
stepped up to 6.3206p Ci.U3SHp) 
net with a final of 4.1206p. 

The group's polythene packag- 
ing division had a difficult year, 
mainly due to the pour market 
conditions. The reprocessing divi- 
sion continued lo make excellent 
progress, however. 

Freehold properties wi-ro 
revalued and resulted in £M'.iJiHi 
surplus over book value, winch 
has been credited to 

Second half 
upsurge at 
Chapman & Co. 


The Pension Fund Property 
Unit Trust has completed the 
£3.4ni. purchase of 10 Rue 
Montoyer/47 Rue du Commerce, 
a 6.000 square metre office pro- 
perty in the Quatier Leopold. 

The general level of rents is 
BFr 2.750 per square metre, giv- 
ing the Trust a yield of over 71 
per cent. 

Richard EJlis acted Tor the 
Trust and Jones Lang Wootton 
for the vendor. 

Despite a jump in second half 
profits from £207.000 to £31(0.000. 

Chapman and Company (Balham) 
-was unable to make up its interim 
shortfall, ending the March 23. 
1978 year with pre-tax profit down 
from £.171,000 to £343.000. 

The profit of the envelope 
manufacturer was 3fter interest 
receivable and debenture interest 
payable, and is subject to tax of 
£35.000 1 £41,000). 

The steady final dividend of 
2.446 p leaves the total unchanged 
at 3.924 p. 

.LS FORECAST in November, 
UBM Group maintained its 
improving Trend of profitability 
in the .second half to end the year 
to February 2S. 1978. with tax- 
able earnings total 34 per c«tt 
ahe3d from £2.G9m to £3.Im. but 
still well down on the peak £7.75m 
scon in 1973/74. Halftime profit 
was £1.5ym. against £l.llm. 

The current year has starred 
well and it seems that -in the 
UK build mg sector there is 
srca-ier activity 'in both the 
renovation and new building mar- 
kets which the company is par- 
ticularly well placed to service, 
sa.-s Mr. Michael Phillips, Lhe 

Overseas merchant Lug -activities 
are con-tinuing to -thrive and lhe 
scaffold-iog and motors divisions 
arc making further progress. 

Trading resulis fo-r tbe opening 
months of lhe year were 
encouraging and in spire of -the 
economic clouds on the horizon 
they arc confident or the outcome 
or 197S/79 as a whole. 

In recent years the group has 
-altered from the decline in the 
UK building industry, from which 
the -majority o EiU profits were 
derived. The Board -is now review, 
mg corporate strategy and work 
i* currently well advanced on 
plans ro expand -those businesses 
in which the group has particular 
expertise both at home and over- 
seas. with the object of reducing 
tbe proportion or profits produced 
Trom its UK building -industry 


Turnover Tor the year reached 
£ 1 92.6m (£ins.5m> and after tax 
or £T.37m 1 £800,01(0 » stated earn- 
ings per 25p share were SJ2p 
i4.7p). A net Gnul dividend of 
2.5142p lifts the total on capital 
increased by the placing in 
February 1977. to 4.3p l4.2pj. 

Extraordinary jjnins amounted 
lo £111.000 (£263.000) and re- 
tained earnings were lower at 

£4O6.000 I £472.0001. 

The provision Tor deferred tax 
is i naccordance with ED 30 for 
both years. 

Mr. Phillips says that activity 
in the building industry remained 
at a very low level during most 
of the year and showed a real 
decline in a number or areas. 
Exceptionally severe weather con- 
ditions in the north in January 
and in the south-west in February 
seriously affected sales at Lhe end 
of the period. 

The southern and northern 
regions achieved encouraging in- 
creases in profits, the latter par- 
ticularly helped by a recovery by 
UBM Rycroft which made heavy 


The rollon-in r compiles hare notified 
dates Of Board metUngs to the Sim* 
Exchange. Such meetings arc usually 
held for dtc purpose of constderow divi- 
dends. Official indications an not avafl- 
able whether dividends concerned are 
interims or finals and the sutMkvigions 
shown below are based mainly on last 
rear's timetable. 


Finals: BriiUh and American Film, 
Century Oils. Cutler Guard Endue. 



Bluc-nu.4 Broilers 

(Mrdjrfc and HuKOItt 

June 3S 


Airflow Stream Hues . 


Juno S 

Cccrs Grass 

Jane 9 

Harrisons and Crossflatfl .. 

...... June 7 

Ttfadersaa t). gad W.i 

MK Electric . 

June a 

Ocvana Derelopmcnl In*. 

Tat. June 7 

ftctwlioson CUnmroclkma ... . 

June 2i 

future, Mr. Rubin says, 
directors see great scope for. the 
The group has ^ight 
acre warehouse complex and tfns, 
together with, its end? into the 
sports and leisure market gives 

the group plenty new s rowth 
area for 1979, he says. 

A current cost statement shows 
profit reduced to ^- 4 7m Itf a ".‘ 
tional depreciation i S ),00 ?, a ^rf 
a cost of sales adjustment of 
£105,000, offset by a £61,000 gear- 
ing adjustment. 

Meeting, New Barnet, June 26 
at noon. 

losses in the previous year. 

The results of the western 
region were disappointing-, made 
worse by a three week unofficial 
strike by local delivery drivers 
based at Bristol, and the Midlands 
region bad a difficult year and" 
suffered a severe cut In profit 
caused by stock write-offs and by 
adverse trading conditions depres- 
sing gross margins. 

The overseas raer chanting 
business increase; both sales and 
profit had been achieved, and 
plans to expand overseas activities 
are at an advanced stage. 

As reported at halfway, UBM 
Class had been badly affected by 
lorsvs incurred on certain long 
term contracts by the group's 
specialist window factory in 
Birmingham. Action has been 
taken 10 reduce, and in due 
course, to eliminate these losses, 
which marred otherwise good re- 
sults from " the division and 
profits fell substantially, the chair- 
man adds. 

UBM Motors had a record year 
in which profits, after interest 
charges, increased some 2! times, 
and UBM Scaffolding made much 
higher profits. 

UBM Engineering returned to 
profitability and is expected to be 
better in the current year. 

See Lex 

over £lm 

Good year 
ahead for 

THOUGH GROUP revenue fell 
from £l2:2iim to £7.93m, sharply 
lower outgoings on property, 
management expenses and inter- 
est charges at £7.02 m, against 
£12. 96m, enabled Berkeley Hambro 
Property Co. to step^ up taxable 
earnings for 1977 from a de- 
pressed £673.000 to £l-0iin. 

At half-time profit bad been 
down at £362,000 (£5o8.000) but 
the directors had pointed out-tnat 
the majority of deals were not 
completed until towards the end 
of the first six months and they 
expected some improvement in 
the second half. They also said 
that the full impact of reduced 
borrowings should start to 
become apparent in 197$. 

Stated earnings per 35p share 
for the year were 4.9p compared 
with losses last time of l.Sp, and 
a net final dividend of &22p lakes 
the total to 3.22p (2.61p). A re- 
valuation of investment properties 
at year end resulted in net asset 
value being enhanced by 13p to 

The tax charge amounted to 
£419.000 (£805,000) leaving a net 
surplus of £634,000 (loss £130.000). 




Crnun revenue .. . 
Property ouiKrtnaA* 
Interest received: 
.Share ansi -a tasx 
Pre-14* profit ... 


Nm prom — . 

Extra ortl. drhir ... 
Frum n»crve-.ll 













. * - ■ 

. . : .r ; . 

' ’• ’ .* '>.* . V • ♦ . 

i . * ‘ 7 ' ?• 



Interim results for the half-year Balance sheets at 31st March 1978 

The Directors of Barclays Bank International Limited announce that the unaudited group 
profit tor ihe six months ended 31st March 1978 and the comparative profit lor the 
corresponding period last year is as follows: 



The group 

The Bank 

5 Cash and short term funds 

Operating Profit 
Less Interest on loan capital 

Share of profits less losses of associated companies 

Profit before taxation and extraordinary items 

2 Lc's Taxation 

Profit after taxation 

Ixi\ Profit mtribuuble to outside shareholders nlsubsidiaries 

Profit before extraordinary items 

3 Extraordinary item.> 

Profit attributable to the members of the Bonk 







56 ’7 










61 -i 



















2 ? 259 




- Advances and other accounts 






Premises and equipment 






Ordinary Stock 






Stockholders’ funds 

39 9 

Outside interests in subsidiaries 



Loan capital 



Capital resources 




Current, deposit and other accounts 



J l,V9l 


quoted urr.secured loan tapital. 



The charge lor taxation comprises: 



t'niied Kingdom Corporation Tax at 52^'u 


I4S 6 

Lui: Relief lot overseas lax 




Overseas i%o: 


17-7 S 



Associated companies (including prior year lax chare.': 
ot £0-7m (1977 Xml.l) 


3 - 3 



Cash and short term funds include: 

British and other govemmenr treasury bills 
Bills available for rediscount with central banks 

Imotmcniv include securities of or guaranteed by the 
United Kingdom and other governments 

7 Advances and OLher accounts include trade bills 









Investments in subsidiaries and in associated companies arc stated in the balance sheets at 
the group’s or Bank's share of the book value cl" the net tangible assets ol (he relevant 
companies. In previous v ears investments in subsidiaries and in associated companies have 
been stated in the Bank's balance sheet at or under cost or at Directors' valuation. 

The effect of the change in accounting policy has been to increase the book value of 
investments in subsidiaries and in ar.jociated companies in the Bank's balance sheet ar 

31st March I978byj£99mand £25m respectively. The total increase of£ 1 24m has been 
: Bank to the extent of 43m in the current hall'y ear and £1 21 m 

3 Extraordinary items comprise surpluses on disposal of a trade investment and on part of 
the group's holdings in certain subsidiaries. 

added to the reserves of the 
as a prior year item. 

Surpluses and deficits on realignment of exchange r3te> arising from the revaluation 
at 3 l>t March 1978 of the net assets held overseas on 1st October i 977 and on any foreign 
currency borrowings used for acquisition and expansion have been taken directly to 
reserves as being outside the group's normal trading activities. These amounted ] o a nei 
deficit of£7‘0iti ( 1977 net deficit ol'46-Sm.). Alt other exchange profits and losses winch 
arise from normal trading activities have been dealt with in arriving at the operating profit. 

9 Capital authorised: 130 } 000,000 ordinary shares of j£l each. 

All ordinary shares hove been issued as fully paid and have been converted into stock. 

10 Acceptances, guarantees, indemnities and credits for account of customers for which there 
arc counter liabilities of customers amount for the group to £1 j 6I Ira and for the Bank 

to 4748m. 

J. F. O. Gibson, Chief "Acmtiuaia, London, 25th May 1978 






Mr. R. S. Rubio, the chairman of 
Pentland Industries, says . in his 
annual review that trading is 
currently running; ahead of the 
same period last year, and that 
1978 should be an excellent year. 

It is the intention of the Board 
to expand the group's overseas 
connections both in exports from 
the UK and in inter-continental 
trade between group overseas 
subsidiaries and. outside 

In 1977 when profit jumped 
from 10.36m to £0.62ra r all group 
subsidiaries progressed, although 
import restrictions hampered 
some of jts shoe importing com- 
panies without helping' its 
Priestley factory. 

Unican Foods excelled and is 
now expanding production of both 
wine and beer concentrates. 

The distribution and warehous- 
ing sections also began to make a 
contribution to profitability and 

•■Proper lx uina«iDg, ujanagwneni ex- 
penses and Miu?re*l paid, i In respect uf 
investment prepemea la enurse of 
development. I Gain, f Lavs, t; CredlL 
l| Relailiifi u. extraordinary Items already 
reflected tn voliioilno at end of I97i?. and 
" credit of anmuni-s Manny to current 
year. , - T-j rvMrves. 



RoUs-Rayre Motors Holdings 
announces that forms of election 
to convert on the improved terms 
the 8 per cent convertible 
unsecured loan stock 1997/2002, 
have been received in respect of 
some 9S.6 per cent of the con- 
vertible stock in issue. 

As a result, shareholders' funds 
have been increased by about 
£5.89m. All convertible stock 
which remains unconverted (some 
£0.9m) Hill fall to be converted 
or redeemed In accordance with 
the original terms applicable. 

Our specialist lass ' 
assessors -will take alook ;ji Vp}J 
at your present insuiancse ill , ** 
cover ottbufldings,- 
plant, machinery, fixtures v . 
and fittings and negotiate , 
your claims -including:'-!; 
any consequential loss; " ■?.. 

Can you afford to take the: jp- 
risk of not consulting us?. . j ; 

& Nicholson . 

71 South Audley Street, ' 
London W1Y 6HD . 
TeJ:£U-629 9333. Telex: 2813S8 

iEstablisliedi842 . . 


Charterhouse Interim Report 

for the half year ended 31st March 1978 


-, i 

Encouraging first half 
Good prospects for the year 
Increased dividend 

■LUk l 


Satisfactory progress from development capital and banking activities^ ) 
Excellent performances from Newage Engineers and Spring Grove. 
Significant reduction in losses in the construction products sector. 
Second half results will include first time profits from North Sea oiL 



Half year 


Half year 
3 T -3-77 

Full year 





Operating profit 




Interest payable 


2 «74* 


Profit before taxation 


5*^7 T 



!o 65 



Attributable profiu 


2,I 4 I 


Change of year-end 

The Directors consider that there would be advantages if the financial vear were 
to coincide with i he ciicndar vliicli should oroduce a more even h-ilf vearly 
split of the Group po »hr. The accounts for j 977/78 will rherefore run for fifteen > 
months from isc October 1 977 to 3 is: December 1978. 


The Directors have declared an increased interim dividend of 1.450 (iq~n- 1.1SP? ' 
hi the absence ot untorcsecn circumst.Lnccs it is the Directors' present intention toft 
pay, m February 1979, a second interim dividend of 2.2401 p (197-7 _ * I7sp ) % 
making ;l total payment for die twelve months ending ^oth Sun tern ber' iotS of & 
3.6905P (1977-3-35^1^- 4 "rj 

Future dividend payments will be adjusted to rake account of the ch-.m^ed vear-codU-’ 

O r 

Co/dcs.irihcrnfrnetKr^ri-f t /v 0'.;r.Vr.fc,,- Gr-. O Untied jr.- r^idrjrn. , Gr,.,,. CwMsxhMteDtfa 
1 he ChnrhrnoitM' Croat, / Psten.est. r K, .r. J/. 1 L»uha ECjM t L?H T./cfiiv,:e e I- 2 /S&& 


itt. " sr y 

3r. ' f s 

Sh c%! - 

h Wi|| 



• •? 


Australians pave way 

for uranium exports 


■J® 5 ffSAUAN . uranium mining 
•fcampanfes-: yesterday received a 
^KJsen' S^ tjrom the Government 
Jl» r&gning. of export con- 
tracts -depute the absence oz. a 
export . authority, for 
. legislation has not yet 
a traduced. . 

MSr. JJoiig -Anthony, the Deputy 

ne ■ Minister.- told Parliament 


lucers will need his 
ifora watcj^ any legal 
is oh exports. Later ha 
advice from the anth- 
^hT&Xor the present he would 

_ without advice. 

•embllSbhHint’Of ah export 

ryfc: needed -to- complete 

_ agfe at. legislation go vem- 
^afthedpvtiopment and overseas 
Sales pf . the potential Australian 
-Six. Bills . passed through 
r^piliaieeisf on ‘Wednesday. * 

T- L3terT^j£fect of BIr. Anthony's 
jfcutement is to make clear that 
contracts may be nego- 
tiated even without the existence 
£¥5 the authority. Hus'! is clearly 
hlriatenxn measure, using powers 
already vested in the Government. 

An ; embargo on Australian 
nrandum exports was Imposed in 
1972 hot partially lifted in 197S 
to cover contracts entered into 
hejore 1972. . *' " 

2 :13ml Australian Government has 
regarded --fee' establishment' of an 
Ssport authority -;ss a matter of 
urgent?, an essential adjunct to 
the-legi slat ion covering the condi- 
tions of rriuiihg. But the legisla- 
tion has been ^difficult to frame, 
partly/- because : of anti-trust 
investigations into the uranium 
industry; which recently finished 

Mr. Anthony stated -that there 
would be 'consultations with State 
Governments before he proceeded 
with federal legislation. The need 
for this is not immediately 
apparent^ because the. Common- 
wealth Government ' is constitu- 

tionally responsible for inter- 
national trade. 

However, the States showed 
particular sensitivity on the 
question of their rights in the 
framing of the six bills which 
have just passed through Parlia- 

The powers over the signing of 
contracts which the Australian 
Government is exercising are nor 
different in substance from those 
adopted by other exporting coun- 
tries like Canada. 

Mr. Anthony said that there 
would be control over the quanti- 
ties of uranium being exported 
and that contracts must be con- 
sistent with the Government’s 
nuclear safeguard policy. The 
supervision extends to the terms 
of the contracts Including 
methods of shipment and mode of 
payment. The terras and condi- 
tions for any contract would be 
made known to the producer 
before it was signed, Mr. Anthony 

demand from other producers and 
LKAB expects to see deliveries 
Climb to 21m lonncs rhi» year 
after 19.5m in 1977. But prices 
are now la per cent lower than 
last year. 

Tanks reduces 

its final 



LKAB. the state-owned Swedish 
mining group, is expecting losses 
to increase this year, writes John 
Walker from Stockholm. 

The forecast is for a tors of 
SKr 675m (£79.4xn) compared with 
SKr M3ra last year. The deficit 
for the first four months of the 
year, before appropriations and 
taxes, were- SKr 272m (£3*2mj 
against SKr ISlm in the -same 
period of 1977. 

Over the whole year it is 
expected that stocks will be 
written down by SKr 113m. while 
sales are expected to decline to 
SKr 1.64m from SKr 1.65 bn in 

The Canadian miners strike is 
said to have increased iron ore 

f Tanks) yesterday declared a final 
dividend of 6p compared with 7p 
for the 1976 financial year. Total 
payments for 1977 are 10p, against 
lip the year before. 

The reduced dividend accom- 
panied an announcement of net 
profits for last year of 12.25m., 
slightly down on the £2.3Sm earned 
in 1976. But attributable profits 
were down to £1.7m. after an 
extraordinary* item of £321,993, 
which included foreign exchange 
losses on the revaluation of 
foreign currency assets. 

The 1977 figures include the re- 
sults of Fiber Industrial for the 
first time. Elbar contributed £2ra. 
to tbe pre-tax profit of 14.4m. 

Revenue Trom Tanks 17.6 per 
cenL in Union Mi nit- re, the Bel- 
gian mining group, was reduced 
in 1977 to £1.79m. from £iJ2m. in 
1976. This was predictable in the 
light or the 26.6 per cent, fall in 
UM’s 1977 net profits and the 
lowering of its 1977 dividend to 
BFr 500 from BFr 6fin in 1976. 

Like 1976. Tanks last year re- 
ceived do dividend from the 
Benguela Railway Company. 

The stock market yesterday 
took a glum view of the Thnks 
dividend and profits announce- 
ment, dipping 5p off the shares to 
366p. Recently, however. Tanks 
shares have been at a 1978 high 
of 175p because of Us S.4 per cenL 
stake in the Ashton diamond ven- 
ture in Western Australia. 

Lean years ahead for Canada 

s .sr. 

rr£ - . *.: 

rott Sc: 

THE Canadian mining' industry 
will have ‘two or. three difficult 
yeans before -recovery in the 
£C_-=:.*.:..rr. early to mid-lSSOSr according to 
n.- > -s ; . Mr. MerVyn Upham. the president 
of the Mining Association of 
4 — Canada, spealdhg yesterday at the 
Association's annual -meeting in 

: Certainly * over ! the next - two 
or three years,- the overall per- 
formance will-, most likely- be 
characterised by familiar difficult 
economic circumstances both at 
home and abroad r ” , , lh. Upham 
said. • • • 

But he thought :.-the prospects 
for recovery were improved, in 
part because' of the 5 underlying 
strength of. the - international 
demand foe. a, firbatf . range ol 
minerals:'' /Demand-'- was not 
increasing in all, liases at the high 
... rate of .ten years, ago, .but funda 
D.. .•.■*.£ - -C-- mental ..-ifemaHd--: -afretigth, ..jyas 
• • U. evMe.nL>.>;.-.:. y. -r v---- 1 ' 

“ By the early- 1980s progressive 
moderate increases on tbe 
demand side should provide a 
better foundation for .the indus- 

ranging lax reform. Change is 
necessary to encourage invest- 
ment, it believes. 


try's expansion," he^ commented. 

Mr.- Upham cited concentrate 
production as one* of the best 
opportunities for the industry in 
the lfiSOs. For the next few 
years, he argued, the efforts of 
both ' Government and industry 
should be directed towards the 
-developinept of new mines and 
the explosion of' concentrate 

Oo the question of relations 
between the Government and 
industry, be felt that, a dialogue 
over the last year had -increased 
understanding and co-operation. 

The industry has been vexed by 
taxation policy and the' level of 



igh the burden imposed at both the 
da- federal and prpmei^i levels./ Jt 

has. placed before.the Government; 
a paries o£ proposals for- v/ide? 



-$5- Overseas trade 66% of total turnover which 
exceeded.. £20 million- 


rinL r ^ r: ' 

■ft Exports nip 32% at. £9; noillioiu 
j^. Cot^d^ce in the f^tal'C- 

CopiesoJ .... .. .... „. . _ 

end Associated Companies Lid., roo Regent Strtetj London WiJ SAQ. 

This year an additional CS6m 
(£2.9m) will be spent by the Cana- 
dian Government and the Nova 
Scotia provincial Government on 
assessing coal reserves off the 
coast of Cape Breton Island, 
writes John Soganicb from 

This is Nova Scotia's main coal 
producing area, centred on the 
steel town of Sydney. Seven holes 
will be drilled in the seabed 
around the Sydney mines, the 
New Waterford, Glace Bay and 
Donkin areas. 

Nova Scotia is seeking a major 
expansion of its coal production 
capadty and Is receiving help 
from \rhe federal Government’s 
Department of Regional Expan- 
sion winch is putting up 80 per 
cent of the funds. . 



Petaling Tin. the Malaysian pro- 
ducer. is paying a sharply in- 
creased interim dividend for the 
year to October. It is 40 cents 
fBJflp) gross of both Malaysian 
and UK income tax. In the year 
to October 1977, two interim divi- 
dends of 17.5 cents and 62.5 cents 
were paid. 

This year’s interim reflects a 
dramatic gain in net profits. The 
group announced estimated earn- 
ings for tbe six months to April 
of M$2.53m. (£581,609) compared 
With M $787,000 in the same period 
of 1978-77. . Petailng reaped the 
benefit of higher production and 
sales at a time of rising prices. 

In, London yesterday the shares 
were unchanged at 210 p. 


EX-LANDS NIGERIA— Product lOD Of dn 
ore for April. 2S tonnes (March SSlonocsl. 

WATER COMPANY— Results for rear to 
Mwch 31. IK'S, already known. Fused 
asms -EH.SBm iCSJimj. Net unrrcnr 
liabilities ffl.Sia (£0.3 Ira assets ». Auditors 
say company docs not depreciate cost of 
ta major capital assets bur charges the 
cost of assets replaced acainst comlusencr 
fund. " Working capital decreased JXUoi 
<£0.ssm). Meeting, Sunderland, June ii, 


Record Sales and Profits 

Extracts frith Chairman 'scfrcutethd 


^ YouiCdmp^ny.has exceeded tner - 
v . ant<cipaterf“expansipn'5nci produced 
: ret^rdSl^indprofrts. , : 

Year at a glance 

Results : Yearended.31 st January 

& InNoyerab^ypiir Bpwfpaidjn'; . \ • 

Sales • . 

Profitbeforetax l 
P rofit’aftertax 
Retained earnings' 

1978 1977 

£000's £000's 

3,141 1,971 

1,493 " 933 

• 409- 190 

'1,084 ' 743 


propose aiiaai ^ 

gross toincrease ihediyidervdto t^e 
1 0p gross approved byiha Treaspry. 

[ • Earnings per share 
j : . Dividend per share' 

Times covered 
Asset value per share 



. 3.65 





r 4<l' 

pr^ civ 


ff Your Board hasCTpfY - 


he Group and. given any reasonable degree of FARMElt 
(conomic stabifit) . is certain that the pastrecord FARNEU. 
rf continuing growtb wiB be maintained. 

- T :> ' ' A. E LONG, Chairman 

Distributors and manufacturers of 'electronic 

■ _ and electrical equipment and accessories 

: an available fnm 

V • -v 7 firkstatl Hoad, ieads IS3 1KB. aaiWMcsoar 

to meet target 



CANADA will not he able to meet 
the Federal Government's target 
of ini barrels per day of oil 
production by 199U (rum oil sands 
and neighbouring heavy oil 
deposits. Mr. C. William Daniel, 
president t>f Slu-ll Canada, luld 
Montreal financial analysts. 

"The best that could be 
realistically achieved, given 
optimal phasing of projects, if 

about 700.000 barrels. This is 

mainly because of the size or the 
prolecbi and the current slow 
pace of progress towards imple- 

Even that level of production 

by 199U requires more urgency In 

negotiating suitable commercial 

The third L*ir sands plan now 
planned by Shell and a consortium 
of oil companies would cost $4bn. 
and this could be raised Trom the 
private sector if the rate of return 

is sufficient lo cover risks and the 
world price is assured for the oil 


If industry cash flow is 
sustained, gas supply in excess of 
domestic demand and existing 
export com nu; menu: tun be main- 
tained for mnre than a decade. 
More Canadian gas should bo 
exported from Western Canada 
on a shori-serm ha«K to help 
Canada's balance of payments and 
industry cash fio"s. 

In an interview Mr. Daniel 
agreed ; hai Quebec's target of 
reducing oil's markei share in the 
province from the present 70 per 
cent in -10 per cent could mean 
the shutdown of two Montreal 
refineries. Bui he did noi believe 
such a target was achieveable 

Also the industry Is pressing 
the Federal Government for the 
resumpDon of exports of refined 
product to the north-vast U.S. 

Wm. Pickles confident 

Mr. C. II. Buckley, the chair- 
man of William Pickles and Co. 
tells shareholders in his annual 
statement that he is very opti- 
mistic and confident about the 
future of the group. But he says 
that it is always difficult to make 
any firm predictions about future 
trading conditions, particularly 
for the textile trade. 

The retail trade, he adds, is by 
and large, not buoyant. However, 
the group is soundly based, and 
subsidiaries arc well diversified 
in their business of garments, 
household textiles, soft furnish- 
ings fabrics, sportswear, uphol- 
stery fabrics and neckties. 

As reported on April 27 pre- 
tax profits for 1977 fell from 
£876.138 to £817.082 and the divi- 
dend is lifted to O.BStip [O.&icpt. 
Mr. Buckley says that the down- 
turn in sales In the last quarter 
had an adverse affect on profits. 
Margins were constantly under 
pressure owing to competition 
from the Far East and elsewhere. 

In December 1977 the EEC gave 
its assent lo the .Multi Fibre 
Arrangement and 25 countries 
have agreed to limit their exports 

to the Community of these pro- 
ducts which were currently caus- 
ing disruption. These agreements 
however do not provide for a 
reduction nr even a standstill in 
total import-s from developing 

The chairman ?;■’ * that there 
are primitive heni'iits which con- 
firm the directors’ belief that it 
is essentia! tor the future of rhe 
group lh:.i i : . -tumid nviini.iin 
iis n?a nu/jciu. ,, j/ig presence in 

An assignment, in ;he Autumn 
of 1977, to carry out a reorga liba- 
tion in Banner Textile* 'Scotiand) 
has still s^ tiunliu to run. Sir. 
Buckley says, bur h already 
evident that beneficial results arc 
accruing. Dircctur-i have also 
approved capiul expenditure for 
further modern da tiun in this sub- 
sidiary and one of the Banner 
factories in Ireland. 

Negotiation-? arc also near com- 
pletion for the centralisation or 
two knitting plants of Uwln 
Sportswear. one larger, more 
effecti\e. &*ng!c operation. 

Mr. Bucklei’ is retiring, ro he 
succeeded by Mr. Denis S. Green- 

Sears seekin 

SEARS HOLDINGS, the stores, 
footwear and engineering group 
is loobin" for a U.S. takeover 
deal worth more than 8100m. 
Mr. Geoffrey Maitland Smith, the 
chief executive said yesterday il 
was seeking somethin; substan- 
tial. preferably in retailing or tile 
service industries. 

In Sears terms substantial was 
likely to be a bid involving more 
than 8100 m he said. “It must be 
;i company that is in a growth 
area, vound and extremely well 
managed.' - 

Because of its larqe UK interests 
the prospects of the group being 
able to launch a major UK bid 
withuut a Monopolies Commission 
reference ’'ore remote. 

It is therefore turning its 
attentions overseas, and the U.S. 
— where it ic already looking at 
a number of groups— is not the 
only prospective baying ground. 
Europe is also bem? considered 
but the investment there is 
likely to be below the American 

Ideally it is looking for a small 
chain store operation to expand 
its footwear or Miss Selfridge 
operation in Europe. The group 
is looking at a number of possi- 

In the .Netherlands. Sears is 
now one of the largest footwear 
retailers, and the chairman says 
that in due course the group does 
not wish to be represented only 
in the UK and the Netherlands, 
bur also throughout Europe. 

Mr. Maitland Smith said the 
•Troup hoped to make a move on 
these expansions, either in the 
U.S. or Europe, this year. 

Sear’s last year extricated itself 
from unprofitable knitwear manu- 
facturing operations in the U.S. 
incurring extraordinary losses of 
^3,-im on the disposal and trad- 
ing losses of £2.55m up to July 
21 . the disptKi'.l date. In the 
previous year Jo^es were £S.97m. 

Mr. Leonard Saincr. the chair- 
man. says in his annual statement 
that excluding the knitwear 
losses the U.S. side would have 
contributed a £1.3m trading profit 
He says the remainin'; activities 
in the U.S.. while comparatively 
small, should show an improv- 
ing profit position as years go by. 

Its newly acquired Miss Erjka 
ladies' wear operation contribut- 
ing satisfactory profits while the 
Consolidated Laundries division is 
concentrating on the hospital and 
industrial uniform markets. 

Mr. Sainer says the group is 
making efforts to acquire busi- 
nesses to augment earnings and 
to enhance the future growth of 
Sears Industries Inc. 

•' It is your Board's intention to 
continue our present policies of 
consolidation and expansion of 
our businesses, enlarging lhem 
where possible, particularly in 
Europe and North America." 

For the January 31, 1978 year, 
when overall group pre-tax pro- 
fits were 54 per cent, up at 
£65.51m. Europe contributed trad- 
ing profits of £7.66m. (£4.15m.> 
while the U.S. and Canadian loss 
was trimmed from £9.Sm to 

For the current year Mr. Sainer 
says that if the UK economy im- 
proves the group should benefit 
in all aspects of its business, and 
he looks forward to an increase 
in profit lor the current year. 

In the footwear retailing and 
manufacturing division Mr Sainer 
says the group derived consider- 
able benefit from the tourist 
influx into London, and while this 
declined in the last quarter the 
group is making good the fall 
off in tourist 'trade from increased 
home demand. 

A programme for the improve- 
ment of the working conditions 
and general modernisation of its 
shoe making factories has begun. 

With departmental stores, 
jewellery and other retailing the 
signs of improvement in con- 
sumer spending should offset any 
decline in tourist trade at 
Selfridges. The modernisation 
programme has been accelerated 
and will soon allow the group the 
benefit from greater selling space 
and improved selling conditions. 

Directors are confident the 
Lewis stores will produce an in- 
creasing profit contribution. The 
profitability of the Conley division 
is now “ most satisfactory." 

On the engineering side the re- 
sults of the ration a li<iation in the 
Bentley group will be seen late 
in 197S. and while a recovery in 
the textile machinery industry is 
not expected this year the group 
should now be in a better position 
lo trade profitably, even in the 
prevailing difficult market con- 
ditions, Mr. Sainer says. 

Prospects for the Pickering 
carpet operations tire not good 
but it should end 1978 profitably. 
The Pegson mining and quarrying 
machinery operations continue to 
do well with an improving order 
book. Elsewhere in engineering 
the group is reorganising and in- 
vesting in new equipment in 
anticipation of an improvement in 
the UK economy. 

With motor vehicles, the con- 
tract hiring operations are to be 
further promoted while a Ford 
and a Bedford expansion are ex- 

Loan instalments of £21 ^Sm 
are due for repayment this year. 
In March this year £15m of 1&25 
per cent sterling foreign currency 
bonds were issued and will be 
applied to repaying certain 
foreign currency debrs of the 
group, principally Deutschemarks. 
At balance date debts denomi- 
nated in this currency were 
£12 -32m. 

Meeting, Selfridge Hotel, W, 

June 27 at noon. 

High speed 

parcels service 

By Michael Donne 


rejects in 

rural areas 

the lot of 

so as 

Sir Eric G riffith-Tones. kbe. cmg, qc, Chairman 


Newcoraimtinentsimdertakeiiiiil977 amounted to 
£45m, spread over 23 projects in 13 countries; virtuallythe 
whole of this was in the poorer countries and 70®-'o was in 
projects for the development of rencsvable natural resources. 
Projects financed by these new commitments covered a wide 
spectrum of agricultural activities, includingthe growing 
and processing of sugar-cane, rubber, oil palms, tobacco, 
tea. wattle, pedigree food-crop seeds, wheat and maize, the 
production of wood-pulp, forestland training in 
agricultural management. There were also commitments to 
industrial ventures, low-cost housing and thcsupply of 
water and electricity. 

Estimated total commitments at 5 L 12.7 7 were £535-9jn, 
and investments were £ 2 fc 0 - 6 m. 

Rural development and training 

The agricultural projects which CDC is supporting, 
particularlythose which ser out to help srnal L farmers lo 
become more productive, have involved large numbers of 
some of thepoorest members of the community: other 
projects hi rural areas, organised on a plantation basis, offer 
the landless a living wage \ h rough regular employment often 
including housing and wcl lute amenities, and a chance to 
learn new skills. Both types of projects, by their grass-roots 
nature, have real meaning for those living in poverty. 

CDC believes that the transfer of management skills is 
as important for developing countries as the transfer of 
technology and of capital, which is why a great deal of effort 
Is made in all projects under CDC management to train 
nationals tofitthem for appointment to management 
positions of responsibility. Several of the larger CDC’ 
managed projects have a specialised training manager. 

Muchinitial training is given “on the jobrsupplemented later 
by attachment to other enterprises or by external courses. 
CDCitselffinances and runs the Mananga Agricultural 
Management Centre in Swaziland which provides training 
in planning and control in agricultural management 
1977 results 

In 1977 most CDC projects achieved satisfactory results. 
.Agricultural projects producing crops for export again made 
significant contributions to the foreign exchange earnings 
of host countries, far exceeding the cost to the developing 
countries of senicing the capitalinvesled by CDC in 
those projects. 

While theratio of administration costsio commitments 
has progressivelyrisen over the years, it was still only a 
fraction overone percent in 1977—a modest figure in view 
of the management, technical and training services provided. 
Omhe otherhand, the ratio of total revenue expenditure 
to gross income fell to 15.3°'o in 1977. compared withl8°uin 
the previ ous year and ail average of 17.9° o over the three 
years 1974/76inclusive. 

The Corporation’s financial results were satisfactory. 
.After charging administration costs and provisions for staff 
pensions, the operating surplus was £25.85m. and the surplus 
for the year before tax, after charging Treasury interest and 
provisions gainst book value of projects, was £12.59m. 

After provision for tax, a surplus of £5.97m was appropriated 
to General Reserve. 

CDC’s Annual Report and Stafetnent of Accounts 3977 
is available from Gomrnneni Bookshops and iJMSO 
Government Publications Agents. Price £ 2.50 




peeled to produce a noticeable 
improvement in long term profits. 

Present indications show a con- 
tinuation of the improvement in 
demand for new housing where 
margins improved last year. 

At year end current assets Of 
Se;ji*£ stood at £264.</m 
(£222. 14m) including £43 29m 
f£3u.62m j of short term deposits 
and cash. Current liabilities were 
£ 1 42.27m i £ 12 7.9m) and Used 
assets were £444.08m { £333-2! m). 
Loan capital was £ 1 35.85m 
(£1 38.29m). 

Rail are collaborating to provide 
a high-speed transatlantic parcels 
service, using tbe High-Speed 
Train and Concorde. 

The aim is to enable shippers 
to put parcels on the High-Speed 
Train through the BR Red 
Parcel's service, which would be 
associated with tbe BR City Link 
van collection service, and the 
BA Concorde departures for 
Washington and New York daily 
from Heathrow. 

This could mean, for example, 
that a company in Darlington 
could send an urgent consign- 
ment in the morning, and have it 
available for collection in New 
York before 5.30 pm the same 
evening local time. 

Jetlink, it is claimed, will offer 
van collection from the shipper’s 
door within an hour of a tele- 
phone call. 


•• Financial - Times 

tv- 4 


Eastern brokers come out 
against H & C offer 


i ■ *- 

A? - :\v ' . 

ii&VH fef,' •' 

Your place in 

BROKERS ns? the Far East are 
comins nut against the Harrisons 
and Crosfield bid for Harrisons 
Malaysian Estates hut the offer 
looks likely to succeed on UK 
acceptances alone. The first clos- 
ing date of the offer is on Mon- 
day June 5. 

The most vocal eastern oppo- 
sition comes from Mr. P. J. 
Sutherland of Lyail and Evatt 
(Pte) in Singapore. Behind him 
are seven other leading Singa- 
pore and Kuala Lumpur brokers 
reported to have advised clients 
against accepting the terms of 
one H and C share for every 5 
HME shares. 

Ironically, this may be a posi- 
tive boon for H and C since a 
large slice of HME will have to 
be put into local hands anyway 
under the Malaysian New Econo- 
mic Policy. The Far East holders 
account for only about 20 per 
cent of HME and so could not 
frustrate the bid. 

The British holders meanwhile 
are expected to come up with 
enough acceptances to see the 
bid through. The brokers are 
divided. Laurence Prust has re- 
commended clients to reject the 

bid and seU part of their bold' 
logs, while Montagu Loebl Stan- 
ley has given different recom- 
mendations to different kinds of 

Mr. David Hopkinson of M and 
G, the unit trust group which 
holds. about S per cent of HME, 
said yesterday that his group 
would probably accept for most, 
of its holding. He said that dif- 
ferent funds under management 
had different objectives, and 
acceptance or rejection, would 
depend on those objectives. M and 
G funds also own about 2$ per 
cent of H and C. 

The attitude of many institu- 
tions, if not private investors as 
well, is coloured by the fact that, 
like M and G, they hold shares in 
both H and C and HME. This 
means that even if the terms of 
the bid are not considered suffi- 
ciently generous, the investor's 
left band will receive a large part 
of what the right hand loses: 

Such investors want to be sure 
that H and C does not suffer the 
incalculable consequences of fail- 
ing to consolidate control of HME. 
Moreover, as Montagu Loebl' 
Stanley puts it, “In no circum- 
stances should holders of both 

securities retain their 

holding since this action cOuM 
help to defeat the 1 52f 

and In this eventuality the: fore- 
cast H and-C dividend might well 
pot be. paid.” . 

But the Far Eastern , broker. 
LyaU and Evatt. is concerned tMt 
UR investors who onto ' “wgjlrS 
shares should realise that.HME is 
likely to attract a much lugbM 
rating when its residence is trans- 
ferred to Malaysia. And on - top 
of that, it will attract tta_ dollar 
premium. " I do not see why HMJS 
shareholders should be invited to 
sell out at a substantial discount 
to. the overall rating of the plan- 
tation sector in Malaysia," says 
Mr. Sutherland. 

Back in London, Baring, 
advisers to H and C, 
yesterday .that Lyall and fiyatt 
bad. not sufficiently taken into 
account the increase in dividends 
which H and C would pay after- 
the merger. And an institutional 
fund manager commented- that 
there was still some way to go 
before HUE was Malayanised. He 
wondered whethed it would, im- 
mediately get a high rating even 
then. . . 

Newey gets £1.9m German bid 


The success of crur first assault, gentlemen, is now 
overwhelmingly clear 

"200,000 sqft of warehousing and light industrial 
premises in the superb, newEuroImk complex: at 
Sittingbourne, Kent have now been occupied. 

"Heartiest congratulations! 

“Your next task is therefore obvious: immediately 
occupy the remaining limited number of units available from 
5.000 sqfL up to 30,000 sqitYour orders are to capture the 
next 100.000 sqit as it becomes available during the next 
12 months. 

"Once established, you can expand at will across 20 
acres of planned future development 

“I need not remind you of the vital strategic position of 
the site. Eurolink is minutes from the M2 motorway, 55 miles 
from London, IS miles from Dover, and within easy striking 
distance of the roll-onyVotl-off facilities at Sheerness. 

"Movement of transport and supplies is supremely easy 
due to the sites size and parking facilities. Eaves of all 
buildings are 20 ft high. 

"And local transport services and amenities will suit 
your troops down to the ground. 

“Gentlemen, Eurolink and success is at your feet” 

For further information contact ffQ below 


■ To: Fuller Horsey Sons & Cassd, 52 Bow l ane. 

B London EC4M9ET 

S Please send me full information on the 
Eurolink Industrial Centre. 

| Name 

■ Company 

I Address 

Fuller Horsey McDaniel & Daw 

Sons & Cassel I Chartered Surveyors 

The Eurolink Industrial Centre is a joint operation by 
The London Life Association Limited, and The Blue Circle Group. 

This announcement appears as a matter of record only 

AN AGREED takeover bid for 
Newey Group, the haberdashery 
concern, is being made by William 
Prym-Wcrke, of West Germany, 
which already holds some 25 per 
cent of the Newey capital. The 
offer, of 65p a share In cash — 
compared with last night's closing 
price of S5p. up lp—-values the 
whole of Newey's ordinary capital 
at £1.59m. 

It is a pre-condition of the offer 
that the directors of Newey and 
certain other shareholders should 
enter into irrevocable undertak- 
ings to accept the offer in respect 
of not Jess than 13 per cent of 
the Newey shares which, together 
with the 608.603 shares already- 
owned by Prym. represents 
approximately 40 per cent of the 
ordinary capital. The Board of 
Newey. which has been advised 
by Kleinwon Benson, will 
unanimously recommend accent- 
ance of the offer to all share- 
holders and Is of the opinion that 
the necessary undertakings wiH 
be forthcoming. Prym does not 
at present intend to make sn 
offer for the Newey preference 

Prym. a partnership based rn 
Stolberg. acquired its holding in 
October 1977 at about 65p a share 
and subsequently made loan 
finance available to Newey. Since 
that time Newev has experienced 
inweasincrly difficult tradmg con- 
ditions resulting in further losses, 
and it has become clear that the 
future of Newey depends upon 
increased financial and technical 
support from Prym. The Boards 
nf Newey and Prym consider that 
this can only he achieved hy a 
full mercer of the two companies. 

Newey manufactures hard 
I m herd a she ry including hooks and 
eyes, snap fasteners, hairsoods. 
pins, safety pins and cover but- 

Ycivey’s turnover in the 52 
weeks ended .T-miary 1 11)78 was 
£!5.2m on which it incurred a 
pre-tax loss of 1454.040. Tn the 
period ended March 31. 1978. the 
, unaudited management accounts 
showed a toss before tax of 
i £137 .non compared with a nrofit 

of £43,000 in the same period last 

Morgan GnanfeH wffl despatch 
formal offer documents on behalf 
of Prym as soon as practicable 
after satisfaction of the pre- 


An Armstrong Equipment sub- 
sidiary bought on May 31 a further 
14.500 Corucrcroft shares at 65p 
per share. This makes total hold- 
ing 972,160 shares (33.89 per cent). 

Electronic Machine Co: As 'a 
result of purchases of 60,000 
shares on May 24 and 30,000 shares 
on May 25 by Koldvaslan, a com- 
pany beneficially, owned by Mr. 
and Mrs. J. P. Lobbeoberg, that 
Air. Lob ben berg has increased his 
beneficial interest in Electronic 
Machine to 375,000 shares (15.3 
per cent). 

Alpine Holdings: Mr. P. B. Kaye 
has sold, on behalf of himself and 
family interests, 10,000 ordinary 

Charles Early and Marriott 
(Witney): Mr. J. B. Crawford, a 
director, has taken up- his option 
on 20,000 partly-paid shares issued 
to him under a share Incentive 

Automotive Products. Ernmott 
Foundation has purchased a fur- 
ther 100,000 ordinary shares. 
Three directors of Ernmott, Mr. 
J. B. Ernmott, Mr. M. Keeble and 
Mr. £. G. Barratt are also 
directors of Automotive. 

APV Holdings; Sir Ian Stewart 
has sold 100,000 ordinary shares 
and £50,000 10} per cent -con- 
vertible unsecured loan stock 

Expanded Metal Company: Mr. 
R. D. Scott, a director, has sold 
11,000 ordinary shares and Mr. N. 
Butter-worth has sold 5,000 shares. 

Brown Boveri Kent: Following 
recent rights issue Mr. J. L. 
Lutyens, a director, has acquired 
a further 2,394 ordinary shares 
and now holds 11,974 shares and 
Mr. J. G. Vaughan has acquired 
a further 250 ordinary shares and 
now holds 14150 shares. BBC 

Brown, Boveri and Co. acquired 
a further 5,919,401 ordinary shares 
and now holds 29,592,008. " _ 

JesseL Toynbee and Co: Save 
and Prosper Group now bolds 

680.000 (6.4 per cent) ordinary 
shares. These shares are 
registered in nominees companies, 
namely the Bank of Scotland and 
Royal Bank of Scotland. 

Mining Supplies — Mr. A. Snipe, 
a director, has bought 50,000 
ordinary shares. 

Mount Charlotte Investments — 
Mr. K. M. Renton, a director, bas 
purchased 30.000 ordinary shares 

Dawson International — Wood- 
bourne Nominees has sold 55,000 
shares reducing Its holding to 
2,714^37 shares. 

Benlox Holdings — W. M. Kudsi, 
director, holds 282,498 ordinary 
shares and 75,000 new ordinary 
shares making 294 per cent of 
capital Mr. R. D. Harnett, 
director, holds 27,000 shares. Mr. 
F, R. Moore, director, holds 10,400 

George EL Scholes and Co. — 
Britannic Assurance Company on 
May. 26 were interested in 390,000 
ordinary sares 19.1 per cent). 

- Wilkinson Match — Notice that 
one of the accounts in which Mr. 
D. Randolph, chairman, has a 
non-benefleial interest, has sold 

55.000 ordinary shares. 

W. and J. Glossop — Throg- 
morton Trust is now the benflctal 
owner of 280.000 ordinary shares 
(6 per cent). 

George Sturts and Sons— 
Menteith Investment Trust has 
purchased 200,000 ordinary shares 
and now, with its subsidiary, has 
art interest in. 500,000 ordinary 
shares' 1 5B9 per cent). 

Francis Industries— West City 
Securities has sold 20,000 ordinary 
shares thereby reducing its (fold- 
ing to 830.418 shares ( 11.45 per 

British Mohair Spinners— Mr. 
J. A. Clough, a director, has sold 

40.000 ordinary shares and Mr. 
C. A. Little, a director, has sold 
4,899 ordinary shares. 

Regional Properties— Mr. M. S. 
Hnrdie, a director, bas acquired 

1.000 shares, not Z01,000 as 

Frfd&- JuheM& ■ 

- ' - 


to • • schbs^ 

Banks Hovis MdNmgaD has sold 
Gardner ' Hodson, - the. ■jhweas-. 


price is £510.000 -and ^ 
buyer is Southern Counties Agri- 
cultural Trading Society, a farm- 

er^wned ccwmerativa . . tassel Jn 
Winchester . which, i*:weil estab- 
lished as an agricultural merchant ' 
in the Kent-East Sussex and'Easfc 
Surrey areas, • . i 

Gardner fiodsoo was a ppa rently 
becoming s problem Zor.RHIA be- . 
cause- the. limited s'rae, o£ itMj&f 
meant high . production COSte^jn 
produ cin g, the full ,'.RHM|_8fi2nd' , r 
feedstuff* rangtu 

- Rather than buiid-a new mffl: 
or expand capacity, at^ tfinei. 
when RHM already ; has a 
mill under construction, in 
in Dorset. : RHM decided; to, a&J?' 
the company- ■ ; : 

SCATS will, use the existing - 
yn'nt to produce its owtt .tKunfc- 
feedstuffs which, comprise a nary 
rower range.- . . . . - : 

edworks ustesg ^ 

The bid for the minority" share* / 
holders of EdworkS, the' terms. lob- 
which were reported. - yesterday. 1 b 
the latest of a series df what hav? 
been termed “leveraged ’bayt 
oats ” in Johannesburg. The rtterf- . 
her of family controlled com- . 
parties there 4s -considerable. Wttfc 
the recessionary ^efimate of tfaff - 
past. few years, warnings oi many-, 
small: companies 'have stagnate^' , 
or declined, an d share- prices 
have fallen to a fraction of; set - 
asset value. In Ed works’ case, tak- 
ing the ** A" .ordinaries’- 1977 ] inr' 
of 31 cents, the discount was py&, 
90 per cent at one-time. 7 - 

Terms of some of- these deals 
have occasioned adverse emu-"' 
ments because of the; big dll- *. 
crepaney between net vrorth and 
the gvit . terms offered. . -in ' 
Edworks’ case, though the . dis- .' 
count to net worth is' large,. tha 
terms seem likely , to be geher-':" 
ally accepted as a fair-refiectlon 
of the group's, earnings poten£a£ - 

The London listing of Edworks 
was restored yesterday. After. . ' 
starting at 82ip per share it-feQ 
baric at the close to TSp per share. 

Shareholders of Forward Tech-, 
nology were yesterday sent details 
of tire two companies,: Radyne aiSS'. 
KLN-U1 trasriiaff, foe which FJ1 
paid £3 .5m. In April. 

Over the past -five years 
Radyne’s profits have grown ^ 
steadily from £145,000 to £669,000 
in 1977. KLN. which makes ultra- : 
sonic generators in W. Germany, 
bas bad a more chequered career. -» 
Profits of DM 864,000 in 1974 were 
cropped to DM 393.000 in 1975 
though last year they had lifted: - 
again to DM 999,000. - — . -Jr- r* 

Following, the purchases FTI - 
has had the two- companies' pro- 
perties revalued' and this has 
thrown up a surplus of £310,000 
over the book value of £L5m. The 
surplus will be consolidated in' 
the next group accounts. 

£913,000 FOR ~ 

Rentokll Group - has — . 

£913,000 f 31.7m) for Mighty 
National Extermfedforr of Florida - 7 
U^-, together with its-pest costrol • 
and fumigation subsidiaries. The -1 
purchase price is payable in cash L 
over a ten year period, substan- 
tially representing goodwill. 

The combined turnover of the 
Mighty National companies for- -' 
1977 was «3.7m (£2,036,000) andrr 
profits before tax were -3114^X0- 
(£63,000 1. 

Rentokll already has pest coni 
troT operations in New York arid:' 
timber treatment interests in*. 
Spartanburg, South Carolina "and 7 * 
Richmond, Vlrgina. *' 

Travel permits from 

(Magyar Nemzeti Bank) 

US. $300y000,000 

Medium Term Loan 

Managed by 

Continental Illinois Limited 
Bank fur Gemeinwirtschaft Aktiengesellschaft 
Barclays Bank International Limited 
Compagnie Luxembourgeoise de la Dresdner Bank AG 

- Dresdner Bank International - 
Co-managed by 

Bank of Scotl and Banque Nat ionale de Paris 

Creditanstalt-Bankverein Credit Commercial de France 
Hypobank International S.A. The Long-Term Credit Bank of Japan, Limited 

Midland Bank Limited The Mitsui Bank, Limited 

TheTokai Bank, Limited Landesbank Stuttgart 

(* Kumnruivij*. LanJi^Uank (iinucittruk-)- 

Provided by 

Continental Illinois National Bank and Trust Company of Chicago 
Bank fiir Gemeinwirtschaft Aktiengesellsdialt 

LmdoD Brunrli 

Barclays Bank International Limited Compagnie Luxembourgeoise tie la Dresdner Bank AG 

-Ifti-Mlwr Sjuk Inii -nii-.linrkil - 

Bank of Scotland Banque National e de Paris 

Creditanstalt-Bankverein Credit Commercial de France 
Hypobank International & A The Long-Term Credit Bank of Japan, Limited 

Midland Bank Limited The Mitsui Bank, Limited 
TheTokai Bank, Limited Landesbank Stuttgart 

( Hurt Irnibriw.'riii' KitfwnunaJf Landi-sfaflk ( riWAvnl&h ■) 

International Genossenschaftsbank AG 

East- West United Bank Lloyds Bank International Limited SFE Finance Company N.V. (Curacao) 

(Manque tinh* Ksl-( Juivsl SLA) 

Japan International Bank Limited Nederiandsche Middenstandsbank NV 
Allgemeine Sparkasse in Linz. Linz/ Austria Bank Mees & Hope NV 
Banque Canadienne Nationale (Bahamas) Limited Barclays Bank SJL Paris 
Berliner Handels-und Frankfurter Bank Credit du Nord 
J Henry Schroder Bank and Trust Company Sparekassen SDS 
The Toyo Trust and Banking Co, Ltd Wozchod Commercial Bank Ltd 



SENIOR CITIZENS' free iravtl 
permits bearing photographs of 
the holders are to be introduced 
on October I. if a recommend a- 
tir,n til the Greater London 
Council's London transport com- 
mittee is agreed on June 8. 

The new-sly le permits would 
be issued at Post Offices — not at 
bn rough council offices os in 
the past — on Mondays to Fri- 
days during the eight weeks 
beginning on -Inly 31, and will 
be valid for four and a half 
} ea rs. 

From April 3980 they must 
have a renewal stamp attached 
hy the Post Office each year. 
Existing permits remain valid 

until September 30. 1 

Dr. Gordon Taylor, commit- 1 
lee chairman, said yesterday: 
■*Th« introduction of the scheme 
was delayed while detailed dis- 
cussions were held with various 
iulcrosted parties. 

"Now these have finished, we 
want to press ahead with our 
plans to make it as easy as 
possible for people to obtain 
their permits. 

*' Although the scheme has 
operated adequately in the past, 
there is a need to improve the 
administration, and what could 
be easier than to collect your 
travel permit at the same place 
as you get your pension?" 

S Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe ? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 

Are you hungry for the FT Index or 
news headlines ? 

Whatever your interest... 
Wherever you are... 

Ring London, Birmingham 
Liverpool or Manchester 

1||§ for the 


* and 

Business News Summary 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 

There's no need to hunt around the Wtest 
End for a suitable venue or viewing theatre, 
j The FT Cinema, here in the City, offers seating 
in comfort for 50+ people, FufH6mmfifm 
projection facilities. National Panasonic 16" colour 
i video tape and Philips 15QLM video cassette 
viewing Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


All enquiries to the Press Officer, 

Financial Times, Bracken House. 10 Cannon Street, 
London EC4P 4 BY. Tel : 01-248 8000 (exL 71Z3). 


Leading European Manufacturer of Small Electrical , l " 
Domestic Appliances r. 

10,800 Employees in 12 Plants V £ ' 

Leading French Exporter of Domestic Appliances 

Exports account Tor mure than 60% of the turnover l j 

The Annual General Meeting of MOULINEX was held on **•' 
May 20. J9i8 under the chairmanship of Mr. Jacques Via ok' 
Chairman of the SupcrvLinri' Board. The Board approved -the - I ■■ 
results and accounts of the 1977 financial year presented by. r.i ;■ 
..Ir. Jean Mantelet, Chairman of the Management Committee.. =: 

Net profits for the 1977 financial year, taking into account^ 
ihc reciificarions of the eoinplememary staff participation. - > - 
a S22 ,,ntcl * lo Frs - 63A 22.100 compared with Frs.55.514,5rf J° l 
19 1 6. ; ■. . 

It was derided to distribute a dividend of Frs^.OO suppkv : \ ?. 
mented by a tax credit of Frs.l.Of) brinqin^ the overall revenue- 7 \ ■ 

. "^h ,s dividend, the same as for the previous year- ! ' ! 
mil be paid on a capital increased by just over 10% through' ; % ■; 
the distnbuUnn or bonus shares in Januar-i' 19TS but bearing ■ < ’ 
effect as from January 1977. This dividend will be payable / - 

as from June 19. 197S against Coupon No. 7. - 

In his address. Mr. Jean Mantelet. Chairman of the Managed ?*' 
meat Committee, recalled the announcement recently made ' f-‘ 
which, stated that there will be a distribution of bonus shares^ 
for every ten old shares held, bearing effect as from January.; ' 
1978. He also stres»cd that erceouraping insults had bc«n ; C 
obtained on the Amencr.n market allowinc the Company 10 i ? 
look at the future in a very opiimisiic way. He also emphasised; t .- 
tiiat MOULINEX total sales for 1977 represented half of -thtr V v 
French sales of the small clecirical domestic appliances sector,.; |r-‘ r j 
ana it s exports, two-thirds of the French exports of the saio* r •• • 
branch of activitj'- i - ■ i r 





has \ ^ 
, clj r»r- in' 
leci ^d ^ 

«? Ihe a.; 

j*s (hfn**& 
«asprU e ^ 

r: i-FiiikhciaL- Tim es " Friday June 2 1978 


lj 5 


, following another heavy tradel Dollar recovers 

I - .. . _ n-u f^li of aim 1013 



STQ CKS^Qpj Wall Street moved expected the Federal Reserve to 

w-raca calty , today in another report that U.S. money supply flTHCO MADKETTC 
. oemyx-trade before finishing on a Brew by about sibn in the latest IflHKIVt 1 9 

mixed note. ' reporting week, but after the stock 

Dow' Jones .Industrial close, the Fed announced Tfwvn_*<w 

The U.S. dollar showed little 

Gold Bullion.; 

Gold feU SI to 8183-183}, after '■ .fin* niiuen 

*..v - — — . — - r - - -- - . . rim*- 5183-185% iSlS4-I841i 

change on balance against most touching a low point or 8182,- Clp|in ;™;;;;" giB3%-i84i2*i84i4-i85 
major currencies, bur recovered S183J. Mununj: fix'i*5iB3.25 J-‘'1B4.0O _ 

quite strongly from the lowest — ,!-■■■ >. i«i luff 51 

levels recorded during early uad- po% \ \ . ^ |i AUerau ** ^Sfioo . |J?100 M3) 

Ing. The currency fell .to 1 esmwocs -‘inn ATtffi I ....... 

NEW’ YORK, June 1. 

Many operators said the draft law recently gained ground on profit- levels recorded during early crad- 
was> very complicated and may be taking. !ng. The currency fell to 

difficult to put into practice. North Broken Holdings advanced SwFrs 1.S7S0 against the Swiss 
t Tndominninp the market how- 8 cents to AS 1.3a. MLU G cents to franc, but dosed at SwFrs 1.8920, 
e V er S a Su fl mr.M.nt cirt Tn AIM!, and Bougainville Copper compared with SwFrs 15930 on 
ran Money to 7? Dtr cent the 3 cents to AS13S. although CHA Wednesday. The dollar touched 
fiSnSs ofMie Iran? against *e «go back ; cents more to Y220.75 in terms oi Jte Amr 
dollar and die ovemi'-hl Wall AS2.50- yen during the morning, before 

street rise Uraniums were higher but closing at Y22I.45. compared with 

„ * \ ... . below the da vs best. Pan- Y221.40 previously. In terms of 

Most Banks, Portfolios. Rubbers, continental ending 80 cents the deutsche mark the U.S. unit 

fell to DM 2.0810. but dosed at 
DM 2.0902}. compared with 

SWISS franc 

Morning fix'i; 51B3.25 

(C 100.0 16, 
AJieru'n fix's,® 183 .O', 


i -nil] C< 

-lniil<*tH-ulIy . 

K nicer™ S 188- 1 BO 

t CIOS- 1041 
X'wnor'cu-.. £5212 54 ij 
.. £29-30- 

Okl3ui*rttn>. 5561a -f 8% 


^ 184.00 
fiji 10 1.466i 





721- tP^^l.l . ^ Congres are pushing for' such Tre^e was active, volume reach- Tnc! Noiablefirin spots included . 5!? 1 ra !^ c , The . h° nars 1 I 

. Analysts sax dthe market moved authnritv ing 430m shares (330m) credit dn Nord Flnandere Euro- back AS2.2Q to S6. while the other depreciation, as calculated by 852 *~/~ - ~t fc »y wg»rs.iw — 

lieisitantiy through cross-currents. 2!", onty - girhrr Vairr dr Tjtrrnng- Od bhale speculative. Southern Morgan Guaranty of New YorlC 

TheyTsaM Dlainond Shamrock fell 3} to “«>* export-onentated issues SjJ MM EOCKIcre Pacific, reacted 30 cents more to widened to 5.72 per cent from 3.62 jlj 77 

were seJlaiB Srfy iSS P 8 on that its per- recorded j net losses, TDK Elec* Sa^^-^l.^^.WEa. Chiere Diamond Exploration per cent, while its index, on Bank 6e -/l 1977 l I 1 L_ 

on adecUne in the dollar but the f or! ”aocQ so f3r this year is lagg- ta {W v , an t DBA IJslnor Esso Lefebvre and favourites sustained sharp losses oF England figures, fell to S9.5 Deo Ju.Fab Max Aj 

doH^picked upIaterScSvem. ^etond last year's recond pace. Y « « gSAJjS'wmaSSSTiS in P r *<* s - witl ' * ortb * ™ from S 9 . 6 . N ‘— 

ment .reported &at Us index of issues ran into heavy }}’!^\ r a ”£ 7lz ToyoU Motor i? retreat S B retreating 23 cents to AS 1.45 and Sterling onened at about its 

fiQXwart-lookiriE economic indi- i 5 ng ' J B ? Uy Manufacturing eas,er ar YB75 - f , rDMSXI ,. wric Alkane 8 cents to 20 cents. firmest level of the day. at CURRENCY RATES 

catorE rose by 0 5 oer cent in J'® trea t«<l 11 to $30}, Caesars Constructions, Foods. Pharma- GERMANV — Market was con* The Sydney Stock Exchange si .9355-1 ,SS«3. It fell to *1.8300- 

Anril after -'i-dedine of 01 wr ! %0 I W , 2 t0 * 16 * and P^boy II ceuticals, Oils and Public Works solidating >•« I^ l,on 'W announced an inquiry into ai.ssio at lunch, and continued to - 'i E 

fa March. Htm-ever -snm^ t0 * U *‘ sh3T . es ' however, held up well. Still and closed with mixed movement* AliM!r(OD Antimony, the Fiji gold decline to S1E275. where there ] ’ 

Profit-taking cut Central Pacific 


calculated by 


Deo Ju.Fab Mu Apr May J 

Uulil Coins j 

MnKrunlTIr). < 

Knieerraa'i .. 5188-190 ,Sl89*g-191*S 

>£U3-I^4i ,i£li.3i-lG4i. 

.N'eivSor'nni* 55212-541; S52«2-54i 2 

<£39.50. '£2812-291:1 

Okl sov'nmt Sa6is?-50i2 S5611-68U 

(£51-32! ( £3u3;-31 3 il 

S2Q EaalK.._'S277ii.2801; >27?3 ? -28054 


ment .reported that Ua index of -JET"® £X S 
fowarf-lookiug economic indK SSJLi ff^to 

TSSijSS-^i&n^Sr^ Yi °™ 2 10 $16 » and u 

cjstA- fa March. However, some eUV. • 

economists -had looked for a Shakiess mnnped 4 to $19} in 

stronger April gain - - heavy trading after announcing 

There was also some' worry ils not *» as 

money sapSS RTSlS ' 3 S 2 "?-.. 

Mnrbei Katcf 

a Shahless dumped 4 to $19} in fortified by the abolition of the aljgrg 1 * in prespector. and th< 
a heavy trading after announcing 10 P® 1 " cash requirements for ., BMW ca ™.f P M J-® 0 15 to So cenls. 

that its earrings wiH not be as margin trading, which became Motors, while Bayer fhed 80 industrial leader 

effective on Wednesday. 

prospector, and the shares fell m ^ v have been some interven- 
15 to 85 cents. tion bv the authorities. The 

Industrial leader BHP shed nound touched a low point of 

■ . — — , | j* mi twouci i/ii a 3HWU i ntiunn IiiUvNcU a lire r»w« ii i vi 

pfennigs among Cnemicals. How- 4 een ts to although mixed | si. S240- 1.9250 in the afternoon. 

pw*>r. ERfl advanced DM 3 in Elec- r»„ w-j , -v* ~ 1 . . , mta _ ip* .muw. 

- r «n! 5 

, ir ^;ion J! 

ma- it*' 
tire' unt 1,5, ' 
n .fe '.’.nit. 
e r.f iij*- . 

1 aivw« 

CM We oi; , 


•», - ! ’-freO. 

^flh -.i i aP , ; 

cly ]0 be ^ 

• ^ refifd' 

■arnvR^s poiw. 

of EtW 

vt M-.rsay. ^ 

• P^ r ?'nare 1; 1 

e ».»> T.'t, pg- 



0: F.irvardlt. 
•■vn;-. se-.-.rp 
n-’T*. c Riint- 

-.-.a »; 

fit- \-i - 

£14 In- 

t f m f-rr 

••:*.* \YT, : . 

Vi “f • . :• .: - 
?ar hi;, r.ii i 


J ' J F " ' j «-*; 

’■V J „ 

itMi : 

sur; ;• ' i- 1 

f-‘ • 

:n. pvys 

i OR 
S*a UN 


y m0n '/ SO, l pIy General SHnamics added I at KyBto Ceramic rose Y80 to ever. BBC adv uiced ^ J n Banks had ANZ up 3 "cents at and closed' at SI E2S8-1 .8270. a fall 

fiBures, Analysts said they afl dWn« } ^Defl 1 ,2 Di«. KI W v«o „ VIM of fi 5 points on the day. _ _ 


sSlESrH KM%toa« St* m 

CANADA— Markets 
irregular movements 

of S3 points on the day. Au*inn **n ... 

displayed Support for sterling by the ikuun nun- 
following Rank of Ensland helped to keep H’ t °. blj . ‘‘T'.'T 

BaBy Mlg. 425.00b 

BeUaocv . Group ... 3MXM6 

American:.; Motors s&g.OOO 

shaMee ._: agaja a 

Diamond Sbamrock 305.900 
strtib6-_ „;_. r7i. -joa 
Carter Havdev. •70.100 

Stars BoeDwic .... 

Cicsarss JVorid . 2M.600 

PepgfaM. ac.Ma 

Stocks Ooslns on 
traded price day 

115 said both conmaries mav ho sclrnH mur >“asa mux ui a us try xzr to t ~ v= irregular movements loiiowingi Rank of Enaianu neipea 10 Keep r. n “r“, '.7 

to biriJd mis^lT Thev Y235. Mppon Oieniical CondOTMr further regutenne ^ *> another active trade, havingl 1 he. pound's trade-weighted index 

V25 * i7W e Kn“X Pfennig 
Soils. compeung ver- Kaislia Y25 to Y74S, and Jeo! Y23 Aulhonties 





Unit oi 

June 1 

June 1 




Co .Inlltr. 






Alikina H-ii ... 



Kt-uun rrane 

39 9940 


UnaleU Lrr-iii* 






l'lituli uJil-Jrl' 


• 2.76838 

Krona Ii linn--. 




•luiiv 1 (Itale' 

Jai^neve v<-r. 
Norway l>nni« ■ 

THE AMERICAN SF Martel 10 Y4 $2- R2 »h» nrevimis dav I nde * was unchanged at U2S.S, morning. Jn^ne** ver. 

Vriue PARIS— Bourse prices were JJJL J S p‘ reSl ii^n s^re steady Banks ™ sc «•> 2"323 and Longer dated forward sterling Norway kn. lt ^ 

at lSiwwiv 7^2™ a Sain irregular, although with a Mark Forc, '’ n 1/5305 e C t d> * Utilities 0A1 W 173.. S3 hut Golds was weak, with the !2-month dis- 

ai 144^0 lonowiDg a J-J5m share steady undertone prevailing. A USTR A LI A— Some major came back C.S to 1.411.1 and Oils count against the dollar widening 

V01 . u “ e The market was partly under- Mining stocks showed renewed and Gas 6.9 to 1.343.7. to 5.17} cents from 4.90 rents. 

1 ^ ^ ese ^>i t ® n *5r?2Pf A niined by light sales following the strength after Wednesdays easier Cnnray Rc-iourres gained 16 
lost 2} to S3o, but Goldblatt publication of the draft law to performance, but markets other- cents to CS1.84. Combined Metal 

270.64 B 

272.44 7 
6.6632 L 

iewYort...' I 11.6240 l.«B5 1.6260-1.6270 
M-.nire«;....i 3i ? W45J. .‘.5902.1440 2.0450 
Ai.i-U-r Inni . 4 ; 11 . 4.09-4.10 

l»ni- .J Si2 5^.6 5 59.90 j 53.70 59.50 

■.'-il-trih^pii 5 . Id. 29 l-J.M. IL..29- U'.; 0 

Krankfiirt...j 3 i J-«1 5.854 ■ 5.615-9.B54 

L'-in.h is > 8S.1Q-.4 0D 

AU ln-i^ a . >146.40 14.’. la I40.46- 149.55 

Mi inn Ill® 1.578 1.5-7 . 1.676-1.579 

ti-l.. 7 1 S.:6-.-.95* 1 9.862-S.B7j 

IVu i i 91* . S.58-8.-3 I 9.38:^. 59i 

-1,-1 . lf.i 7 I 6.45)1-4.50 : s.44, , -«'.4?i 

'i..fc,v I ;l- 1 4‘.-U-4I0 ! 4U4-4CS 

Vu-nnn ) 5W ; 27.47-77 .55 i 27.45.: 7.55 

■G.r- .1 1 1 1 5.44 ;.47 ! 3.45^ 5.461 

*Rjtrs clveo far converUblo Irancs.- 
Ficim.-laJ francs 

Brothers rose IB to S6J. 



“l ' — ; : ra: 

■ - i!Jo48) May f May; May / May . Slav j- 

• - t' 1 [ • 31 30 j 28 [ 25 ; a . Hi»h | 

encourage share 11 


Jun* ■ llir | May '■ Um 1 - - 
1 ! 31 I 30 : V. 1 Ri«h 

54.59. &4.52' &4.3D! 54.14 

^nut pi 1* 1 

{ Uigb I li]u 

l.f9 3 1.891 1 1.833 
711 9ZB 748 
73 1 546 - 631 

461 417 453 




Iwhirtaiat^ 1«.7B»ttifil 1034^ SM-Of 355.41 837^ 858.37 1 742.12 } l©l.70j 41.22 
• -| ... J. 1 : . <Prf| | t» *1 -JUflflW OfllUl 

H meB ads* 87:88;. 8fiJ11v 88-14, 88.13. 85^5. 88.19 MLBb 87.98 j - • - lu.iuunaJ 

1- 1 ! ; I i4.-li . fl/Ci f ' Oni6iD»1 

Traaaport.... *24J8.2fif.© 224.891 228.78 224. 14 224J8| 251.50 ! lbs^l . 279.88 1 15.23 

•• •• ■! . • .! ,Si2*l I (3/1) ! tTaW. ; (3;7/52( I0E0NT0 L-orap. 

LUiltkn.„..| 185.75 106.51 j 104.81, 104.4M04.55 104 J5i 110.38 j 1B2A* L W3.52 , 10^8 

-t . J _ - { - : :■ .! <3/1 1 ! (£2,21 1 Oa’*<63) h i28/4,42) JOHANNESBURG 

Trading vol., . . . 1 . ... • . . . 1 1 

0M\ t j 28-7M29, W0, 21.840, 21,4 10; 28.410.37,460; 

investments, wise reliquished more of the Mines 2 cents to 34 cents and 

Calvert Gas and Oif 7 cents to 60 EXCHANGE CROSS-RATES 

N 1 Jim*. l-JUvSl .Mh\- 30 cents — ihe three concerns said , ■ — — — ; — ; rz n 

! : — drilling will *tnrt immediately on 1 ■« “ fl y '“\ ^ ri - 1 

1«- tm-ie.1 -■ I l.f 93. 1.891 1 1.83- their Saskatchewan uranium pro- .iwulhih i - I 2.W12-22 ! i>..fAeo ;s. 

S3; ZIJ. h! If? peny. \f»\ork ! 47.e>M . - 21.59 £1 ■« 

- - 461 4I7 ■ 453 HONG KONG— Shares made |, " r " ! O 37 : ':7 ' ‘JU>iK \ . 

&fis 48^7 »!■» «*£.:::;»"; S6 67 41 rurthcr headway !!.7nTn f ""i v-v'-'f. L-’^a-Vo ! \ s 

II7/OI iv-ai NewUwi : 3J 44 39 lion? Run ^ hank r»j;te 20 L-eni< Cn^r.lylr. . .'107. 1 = t-205 ' J*.77>»2$ *.’■ 

to HKS15.70, Hutchiivn IVbampua --9 '.gglSjJ M.i3p7-g*l8 5.' 

■ *~** 1 ■ 12.5 cents io HK34.75 and Janlinc . ^ s <i l T-..-iiio-iiiAi 

une May j May j Mav — (.tUittB 5 l# Nf.t Vi4ti J J.CP 

1 3f ] 3u y Hwh s i*.« while Swire f acific and Wlicelvck sterling io Miiao 15' 

1 - . 1- —- ■ ■ ' ■ — Harden put on 5 eem* apiece to 

80.95 180.95 195.61 .23.0. | ie 2> HKS6.45 and HKS2.575 re«oec- 

28.45: 180.28, ! 90. 07; 190.01 192.88 C5.M ; 170.82 .,0-1, UveI> , P PIID _. mo _ v 

. iwitLii.H l - 1 2.W12-22 ! i--.NW0 i 6.-«44C4 I 4. tS v3 | «JMS 

\r-n lark ; M . - ?l.S9cl ■w»>:600IAS10?2ah -u.S2-«- 

l Sri- 1 12 37-17 ' — JU.VB4-C6S i-JsSc- 15& 

UniM'lr....: If-AI-W ii-.e>70i I 13 r - f».7MS I l’.:7-«3 

|,.n-1/n„ I V-li -•:■ 1.- 253-70 [ 2-3:l-39i I 5“.70^0 - I s.09-10 

\ >n*r.(y in . .'107. 1 5 5-285 2.:-3?.--<C ' «:.77I>.2M5./ 53^-78 J.CS&Sl.'SM 

3 ■ M.;S89.S4» 5 1 7<i*-7P»A4.-.5lJ69l!:4f- 9 WV, 

U.i9*i • -..-jS&iu ;6oo, i. KTio -w.ea.s- 

— !W.oB4-Cis [jJafle- 15a s.4i 

7.i j 13 r - I f«.7Msn v.**t | 

May | Mav 
3U 29 

L > in T.....Qi^>=ltlJ8l 84 (Jaua.tian i-em-. 
teu:!tn S iu Nf.i 1'..i-Lc.-?.42-44 I'.S. S ta Milan 1.40-7(1. 

sterliuziQ Mtlao 157C.Ce-to7fc.20. 

180.95 180.95 180.95. 180.74, 
128.45; 190.26; 190.07] 190.01 

185.67 .33.6. 
192.88 (25.M • lc 2i 

170.62 .oii-l t 

Lorapovite 1 1 128.8' 112B.8, 1125.2 1122.0; 


I i fill 

I ii'1ii*Lr inly 

212.4 210.G 
225.0 225.7 

SI6.7 tl ?. 
22G.0 1 1/6 1 

18J.0 i-0:»i 
194.9 ils^j 

liuL div. 

1 from .Vusust &i 

■ I May 28 ■ May la 

- ]- 5.SB !■ 5.48 ■ 

Vearajio (approx. » 

June 1 Hue- i 197c ] ttfi: 
1 . vtnuv ! High - t«.in' 

Aoatraliai^i «*.&2 - JyB.ue 601.05 441.10 Spain 

! i30ibi ! i hoi 

June • Pit- . I*j7j | ISTfc 
1 1 I , H.ah ; L,*" 

io . 166.3(5 : 11' ; £ I.A 

! <M‘7> ll'ldl 

NOTES : Ovyr-w-is onrei ynou-n Deimv 
■'Xt-lude t nrrrmini. t>I>:ran dividenn? 
arc aUer uiismtlrtiiw iil 
• DM5P drnam. unle-y otfierwise 
cieids M/iert un ".*1 ijiridenos dIiin tj* 
V Hla? aW) rtcnom. or, less urnervise Staled 
A Kr I0t.i dc-r.nm ddI.ts otnenribc siaten 
■|< Fre.50il and Bearer -harr-i 

unless otherwise SMiert f Ven SO mown 
unlrsa nihcnn;* s-jien. 5 Price ai nme 
*>» suspension -1 Hi-nns. r. Scbillmts 



j ?iiMrt lenn... 8-{ 8>« . 

V .lay- In 4 Ice 8 >t 

’ 9ia lu 

ri.ret- in>.nii.f. luU-lDse 

m\ ni. mi ll ltJ* 

1 in.- V«i llin-HVi 

, Lnu n 

LS. tiwuii; tiuiMei-s 

74a ,3£ 41J 5 

*}»: ' J 4 4 >4-* -3 

75a 8 4 5j 47^ 

7.-i-b'e 4i» 5 

bSq-fcoa | 51. 5Jt 


1 Vain* irme-- 

.Vi.-eiit:>isJ 1.4)51.419 Ar^-einiu>.-i300-1400 

\ .. 1.6(1: 4-1-6 107 \u-iru 1 27 26; 

Unuil I 51.71 33.71 -ill l^iuin ... S/'a-GI 

Ziii i.*Ii F-II M.I.'. 1.21.1 ’In*-.:! ... . 1 17-42 

ijrcecc «7.523 cB.9j7‘CmuiilH ,2.0s-2.'.& 

110.66- (0 U. l „ u Kuu-j -.4s0i.5l5 IVnnmrk.J 10.U-40 

i-.i.' 610 l mu j !ifi-lal .KmiiL-c ] S.iO-r.45 

242.9i j. 47 Ivnunii.. j 0.502 ?.512 1 •<-nimny ..' 5.75-5.S0 

17.ffc-.-4 Liixemt/ii- 59.70 55.80 J 66-72 

3.4fii -.(vj Maln\'--iii...'4.:54 , ]>4.-665 , |:ii|i ;)550 1610 

IIS.G25-E75 \. /,aln:i.-!l.7t'9D- 1.- 07P-tsi«iu I 400-415 

- evui-li 1»»| f.:8-R.i6 ;^>.l-..,i'/i.l-4.ut».*.20 

Mu-iS|«iu- J4.2400-4.1 5"5-' V>u «*»■.... i.s5 iG.05 

.-. Vi mu... - 1 . 5003 - 1. 6062 Pi-iliicHi... 77 . 8 ? 

1 I j-paui : hoi KS4 

1 . hus. in 1 lan-l :-.«0 5.55 

*. 'i 'i -- .ts i.ei* 

I .VIII-.! dS.29-5S.52 )«i*| s4-57 
Raic given for A-'BenUna is a free raie. 


V.i-l,iil.-j.40-0.3ij-.,'ii' 1 20-1.10 i-.i-m 
M.iiuieH- . J.50 U.tO -.|-»ii |l.l5 1.05<-.|-iu . 
\w lMnm2-l .i-iii I© '4 -3l« > ■ pm 

I*- 1 n.-ei-.. 25 15> -.i-in |"5-55 i-ni 

Vi/Jj* £5t5r*_ (.V.>|.'iilk;ii. 4>*-6l| my.liy 12-14 w. 

Tioiivinm IV a 'in I aA .« ! ioj in i itaas Rnrmlnn if-i is 24 1 afcR Sa iJix, > 7- I 1M **** a,a,, /J| » r wniH. » scuiuints i Euro-French deposii rai-.-s: niv-day ?H: per cent: aeven-day !»:-9f per tvni: *■ rMiitun-t r?.- l» a ]n l" 

Belgium (5i 9wi./u 9 o.Ji ■ [!?•' Sweden .... ; . I, „£ Di^d-nn pernlios rmtai® onc-raonili SiSw'9; Per wm: ihree-monUi 91-M per etot: six-month 9t-10i per ccm: 2a-lop.-..ii 


t June May .. , , — „ - 

• ' ,T 1 ■ 3t -i ■ 3> ^. j ^.l:.? 5 w I Low 

ilndHUrigbil IDvSS IDf^BlGTOT-Oa; 100.78; 107-03 < l07J8j1U.51 I v6.6* 

I May ? May | May 

i • i - i. : i luroi i own 

JU.mpoUte.1 ..87ja' . 97.24,' ;&6J8 «8^0t T 96jp| 97.Da| 98A0 .I 88.90 
• •] . . j ■ [ i ; : iiTrtr>-f 

454.64 6M 
(1 LI/731 f3Cifi?ftS2i 
125.56 4.40 


Denmark *.86 
France uii <1.1 
Germanyini 783.B 

(8/in j (£S/tn 

■tn>< ! (6/I) 

I IWJVI ■ |UV(W| l I I " ' I 1 ‘ 

' 96.46 W.IA 94.00 SwitscrI'd <71=83.7 1 268.1 (333.7 I fflJl 
| fti/li i i6/2i , ! ! -I5 2i | 1 36/4 1 

1 71.1 I 71.2 - 4'i.a 

ana-'ar scrip issue, c Per dure, i Francs, 
adross. aiv *•, Assumed dmdena slier 
vnn and 'or ri?r.:< issue fc-Ailer local 

one-year 1015(6-1 Did per cent. Mtiau*” 

Lnns-Term EurodoUar dep-vus. ivco years SJ-6I per cent: three vears SIJis-SI5i6 ikp...”.;” 2u 4i 4 ... ■- .ii 

: titypj | wC'i ___ __ __ 

eormanjini /8J.B j 782.8 612.7 , jW.4 Iw tfx ^V“ nvS|T"aY ' Common - 31 one-nionih" "t' 65^7.75 - per cent':' iin^-mooto tIm.W "‘per” mdiT ' sra-inonto UMLM ' : id-3 iw. #n* i-i" 

Holland <>«) BtA Caff ^3 ! ‘te "!^ n on!v. .7^r p-n3fn C per “ n,: S^ 53 * r iiL’- ■ -!’ 1 

: il* ; |4/4| , mw naxneo awn nn , p<ld t Traded :S“lW»r. ? Assumed ShorMenn rates are cal- for ctwlinc. U.S. dollars and Canadian dnllars: iw» S's-mnnth fnnvard daUar 2.40-5.30c pm. 

Hong Bong 477^6 ! 472.67 1 47. > Jt-j.-M « L dW™ Miunw Imi ™ E * r,uh,s ^ E-c dividend refit rtays' nouce- for Bulloers and Sv.-tss francs. IS-momh .1.35-.V10C pm. 

(77 Id-hllJSS “Hi. *l«nn.m» 

Taxes. tn“. tax in>e. n i-rancs: ineluamul Per cunt: (o«r years SI-9 per cent: five vears S(5i6-9Mb Per wni. 

Indices and base dates toll Pare valuer I 75IX I The follovina nonv.naJ rates Wrc quoted for London dollar ccoilicalcB of deposit: 

« nivcw >ii m 1 yiein excni.l- special tuymenr. i inrti l ... Mini- m.m«nh s -vn -to 

1 mnttiirt ij.- Ijaj.i |.ii. Hat-ig |.i |-m 

Li-Km 2j l«a ,-.-li- 1 Ub.O- .ms 

Madrid.... 56-115.-. ..ii 150 23u . . rlir. 

Mi mu 2 5 7 TO (in- .ii*. 

4 l« ..i ■■ .Ii- '5 7 -ii-rdi- 

L'iu-i* *j . i-m-3-4 •-.-ii-- He-'-/ •-. |-ni 

>lVi»li..liii j •ri-|-ni-l;i-u-ii 2G-1<4 ■•)( i-m 

Mayil | 

May -17 ‘ 

-May 10 ; 

Y earagu (apprr-s.1 

End. dlv. yield ? . j j 




Ind. I-E Katiu • • . 

0.89 | 



. . •- 1D.3.7 

L.II-; Govf. UaiOal yield . . ; 

8.48 i 


... . 7 - 7 ? 

Italv till 62.98 165.01 bo.46 

t 1 (22/5) | (Ill'll 

Japan w. 409Ai; 40B. , 44 ! 4)e.l I .S64.04 
l : (19/fli • (4,-uij 

Singapore 31AS8 ' 3l7.o4 , 318.28 & 62 .U 

iti I i (1/6) • iLtj 

Inn exoepi NVSB AU Common - 3i ' '■ ,.v, 

Stand arm ana Foore - lu and roroaie ^^ a on] .'. 
Snn-i-OOU. the law named nwn on 1W3 i , Jr?” ^ 

1 Exclurllns Muds. 1 4nn (nduttn»l» ' h , 

MW! Ind*~ W UtxllDes. Miwnce and ^ r 7n l««u" - 

20 Transport. f9*Sydmr* All -*nt inrt i, SC H " ' 

m» UelBlo). 5E S1/15/6-1 <"• flupeiwaa-i. lnc^ei,5c,3 ■ 

SE in/73 mi Putt Bourse 1901 
mi Commerzoanlt Dec.. 1963 i«»i .Amster GERMANY • 
dam. innuwrul wn» i ■! » Hwhk Sen. 

Bans 31/7/tM. i III!) M dan 2/1/73 .niTokv. 

New SE 4/1/6*. '/>• straitr- Times 1056 
it?) Closed. lit) Madrid SB WWTl . 

(PiSiiKkhnlm Industrial 1/1/M c»» <(.-(»• j i LG ......... 

Rank Coro nil Unavailable. I Amana \erv-n.- 

* P.kI. t Traded : Seller. ? Assumed SHon-(erm reies are cali for sierlmc, U.S. dollars and Caa-idlan dnllars: iw» 
vr E* rmhis -s<i Ev dividend »c E» riavs’ nonce- for cuiiaers and Sr.tss francs, 
vrip Issue, Ex aJL a interim since 

S's-monto forward dollar 2.40-!.30c pm. 
12-monih .i.JA-.'i.UK: pm. 




isfe ii i 

Honda Mntow 

V IT i- • . I ■*■■■■ . 

r «■' - ■ 

nil.--.' - 'itwJc ; , ; 

*; -V. 

_ 31 

“V- -.--,5 

'• 3Hfl 

■ 31i*' 

' E3Sg 
4i ; 

83 • 
. 40Tft 


;*o . 

Irmcy *•-? 

“ > .. Vfi 

• :441* 





SC- -.a » - 

Alileii ChemkaL. 



in _ 

23 _ 




1 Amerada Heus — 



.a is*. 

1 Ar»K. Beandiu.: 


ar? 1 


: aa%- 

SpaSull- I 

1 Aapr. BJpc. Pc*** 

! Aim-. KxpnwL.. 

J Anwr.HOTHJProf 






jjon? 1 

I Amor. Mewi — 

1 Anxer- Nah.^Oa+i 

.•-■'6 ■: 


.. 67ft 
f. T»B 

| - 






1 Amstek~+..- — 





- Ahipru -■ 

Aoetujr JBopUm; . 



m A nhwpwr Jtocb. 




1 UU„ - 





. . - •• -■ i 

n*c v - — " 




• 80% 


-• «% 

. 'fi*% 

■ 9% 



1 Aro»- — - — 

| Aim PiwdiHMii. 

20 7a 




: ; 38* 

;t . 65% ' 
■ 49 a 4 ; 

56 ij 

4- 30% , 


.1 j 


r| 337a ■ 


42 1 4 I. 42 ag 

3:56a 1 257 h 



4171s, f 4,7fia 

Cpna H B' 

BriotoL Myec»— . f - » 




161 4 


12 la 


597 b 

215b 1 214 

24 7j | 241* 

K73. I 2778 


164. | lBia 
BBIb | 221* 


U.U 79.7-0.3- - - 

Auifliiz Veft-ii . 467 — 1.6 20 • 1.9 

BMW 236 -1.5 :28.0b* 6.0 

1< V>E 1 39.9 -wi.l . 15.75 6.7 i 

Barn....- 139.6—Q.8 , 18.76 6.7 

fnr*r. Hq« 270*a -si I 28.12 a.U 

tk.\c/. V- roln-hk. 296.3 «B 40.21 18 3.0 

Citalut.Aed.TVTt.'- 16 a ! — — I Honda Hntoi* 

UnniiiiC'/taub 218.0 -:t ; 17 | 3.9 1 d'-ost- Fmn-i... 

GtiPI i.i uii inn • 76 -". 5 ; — ' — 

Daimler Ben-. • 304.5 -0.3 1 28.12 4.6 

Lkpi^B 25Zw t l *17 5.4 

Denui-i 154. u — 1 Id 4.5 

L'bi italic u.tnk.... 29 1.2 a + 1.2 • 25.12 4.Q 

Urarilner Kauk....; 2a2.9W I 28.12 6.1 

D.Vi-liei'6--fi />mi. 148.5 +4.5 : 9.58 3.2 

tiuU-bvb mi u -4 196 .—1 . Ld 5.1 

Hmikj I. 117 12 5.2 

Hm-ix-nei 2B8.0--D.5 9 3.1 

H.nvb-u 138.3 -0.7 ,18.75, 6.5 

Hii-eb 47.4 +0.9 • 4 4.2 

ll.-rten 124 -1 1 9.56, 5.3 

Iimii uud Tl!/. 139 —1 I 9 ' 3.2 

KM-iH-H 3 1.6.5 - 1.5 ,23.44 3.8 

Kuuih.-i 213.U. . . . Io.7k' 4.5 

Kl-.-hiiti Li.'JlW.. 97 -5 — — 

KHD 176 -1 16.76 6.3 

Kni|i,i 93 — 2 . — • — 

Uni- ir 235.2 —0.5 lo = 5.4 

17 5.4 
14 4.5 
2S.12 4.8 

124 -1 1 9 .36, 5.3 

139 -1 I 9 ' 3.2 

3 l 6. 5 - 1.5 ,23.44 3.8 

213.D. . . . lo./K 1 4.5/ Sipc-.n Sl.iui-ari 
97 .-5 — — l -*i hiii VJ.m.-ii'... 

176 - 1 . 18.76 5.3 



IlntMi.llilH Inn... 


*1 iti*il*ibGi lJa ill. 


1ln-11t.1-.l11 He.n 


dil-iii.i'.lii c..|-j'. 


'Ill-Ill A CC- 


ii ittuK-ebi 


KHD 176 -1 18.76 6.3 

Kni|i,i 93 — 2 . — • — 

Uni- ir 235.2 —0.5 lo = 5.4 

L- .<i turn «u I ./j... 1.450m • as -0.6 

Lmlbau-a 110.5 — 1.7 9.56.4,2 

MA.\ lbz.5 -0.5 .« p.O 

.(Inline mi;- ni 157.6 — 1 17.1B 5.4 

llcnici- 216 —1.5 lo 2.4 

18 1 1./ 

— — Elwin 

5.4 s^Ui^iji I'reiai 

0.6 ni^i-io 

Miiiii-liein.-- laiK-h.i 525 

VlS-kvrl.'« , il' 

rifi-'-r-< l‘>l U-«.' 


Vl-fn-U- .... 


1U.I 2ucl>-' 

I'U,\ - -vi' * * • 



\ .-f. -n-A *'• k -l Bl 

\ «lk«n 

126 . .. - I - 

Ua. 113.5 —0.5 - - I - 
•ei-l. 187.8 -'J 3 23 16.7 

.. . 262 -1 2b. 12- 3.4 

283.5 -0.3 • lc , 2.8 

241.8-1.8 26.56 5.3 

119 -O.l 17.18, 7.2 

172 -1.5 11 U.l 

lAa.6 -U.l • 12 ’ 3.7 
i Bl 286m... 16 I 5.1* 

• 208.7— O.B 25 , 6.0 

kl" Mhhih- 

m-L-w-i I'- 

.source NUUjo Secunuea, ToKyo 


I ! Dir.) 

June 1 I 1 : ice ; + ui | Kr*. JlT.-i 

I Ft*. - i S« 4 


»wa tg 



Vwy*9P .\,.i. — ■ 

OJibOfsnniy Ka| 

B3i* | 227 a 

H’arncp- Cmamn 



Wommii U*n-tn 

SShlia Sa&eL— I 355a | 253* Wtteonam 

I 48U | 48ta 
73 4 77 8 

9 84» 

313* 313* 

461s 26 ig 

2BU 28 

JB&a 291* 

43 45Sa 

213* 2178 

15?S 137a 

25tg 25': 

423s 42 1 8 

30 ia 

£6 t b 

Id's I ioaa 

217 b i 2178 

266a 26ia 

<4Je 24^* 

»3'« 236* 

22i* 2«ie 

1918 193 b 

273a 875a 

\ bol t .f 105.8 vlUl 1 



UahM-m | al.Oj-^.7: 



* ML*' .K-.U-i 1 83.1 — 1.4 


. o.V; 


1 26 


UtikiiWe.-4'pitr'lUil 1*7.01^- 1.8 



buibnn 1 eiien»le| 74.6 ui!+1.5 

1 ZD 


El -+-vier 1 ib'i.20).l282.0 >0! — .a 





! bupiL.imU Pi.K; 65. Jd: 

liittl Un>.nP !<-“?! t 1 ’ lu| 56.8 i-"'J>1 




Heiuehcul+i+ci. .t lc*5.0i+O.2 

\ 14 


Hi.<riuV(ir 1 1- 1— Oj 36.61— 1.0 | 

1 4.4 

tl iniiei D.i fc ■ . L'XFl 

K.I.S1. .e.-Wlb— 1 1H0.5:— 7.5 

1 26 

i - 

a. 5 

Xu ,nlei* il'i.W)...! 35.0 : -0 5 

| \£.Z 


Xal-Xe.: In- 111.0 -2./ 



XtiCreil UeiE-.EX:. 53.3nJ 



X^il M i.l L.I- - Pl.r^’ 189.0,-. .2 

i 2£ 


1 36 - 


Vuu uimiit ie>i n .. 143.0 + o,5 | 



Pakh.^-j ■ bi. 49.0-.-a 



l'billfo- (bi. Id).... 27.0— *.2| 

l.'jn , *i.4j \ ii ' Ei. IK 1 89. —2 





UvtavviHM io9.2 +o.2 | 





|.'n|»>iil*i 1 1' i. -L 1 ).-. 121.7m — 



l;m jiLiiito 1 :-! i—- 1*6 3u -0.1 | 

9 i./O 


Mm. -in -in-- il34.9«a .u.l ; 


nvini Gi|-l i.Vji 123.5h1 1 


+ 4 

T.ikv -lV-. rii.J-.> 106 in 



Lmleirr *H. — ‘-'f-l 115.0 «|t- j. 2 4ii.: 

J. 6 

\ it. nl > Iil 4u.5i — U-b 

-g : 


Wert ii hVii. L4ii hj 4O8.0j-1.9 

35 1 




A..-n.i«‘ AiWrulia | 

Allied M nir. Tills. Ind* el; 

Amiol lriD_.„ , 

\ mi ail IVtii.lnitu i 

.Ww. Jlmemii- ' 

Amcc. Pulp Paper 61 

A-wc. LVm. lu.lusLrie* 

AuW. In veil.. • 


... j - Aiibl. un .k Uar 

fS , j'7 Hint? Metal I u.l 

o- Ikaujainville Ct^i|*r 

ID . d. / Utukeu HiH Pn.pneuiry 
HH AiuiD 

Cavil. .ii Urevcen 

C. J. ti4e- 

Cal: isli 

CnOB. G |*ld field > Aum... 

Cuulniuei (Sli 

CrtU.VIH- Kioiiuio 

C<:->ihiu A.iblnlis ........ 

Dual- .p 

Kek. Olf 


K.3. linliuilritrs 

Geo. f'n>|.ert\ Tru-.t 



I’L l AuTln.lm 

I nlfci -i- i.-,-f«?r 
Iciniiu--. tixIuMne* ..... 

•Ji-ues i Un vi. I ... ............. 

LenwM Oil..^ 

Mel Alb bsl-iuml i-Hi- 

MIM Ut-kiin^-s. 

Uver EniLKnium 

\i-Ai-.4a> Inlen-Bi i-jiml 
Aoitb Broken HMinc* liik. 

i.ii<ktin>lt-e ... 

Oil 3tan?li...._ 

i-irier brvploniinn. IM ... ln ... 

Pioueer L-Nioivh;...- 

lieviJct 1 Col roan 

H. C. 3lei"li 

s-uililnuil Miniiii'.. 

diar^nx Kxpl.iiaLinD 

l-e+li -bl. 

Wall, .ira 

"'-.irini Mining it-uctnii 

UVhii worths 




71.34 .. . 

10.79 -J.D3 


Jl.22 1-0.0? 

r 1 . 8*1 : 

i0.94 -O.i 

u-'tveu Hunt. 


•n.- 1 11 1 -Mill. 



A.-I' k H.' lo -kiv- 

'|.-IV< I I*III-I 

69 -t-1 


240 id 


194 + B 


11 9.2 

au B.3 

11 k.5 

12 5.0 

9 9.7 

li'iult ii........... 735.5 

ViiM|n( i'i* . 398 

At. L«|iili. ......... a. -9 

.1>4iiilalu«.„ 477 

ai UIC 3-2 

e’e, lk-uvuiie- 837 

rj § d.D.A.Gervv 069 ' 

c'q c<im-iuiji I.606 I 

*.LGJL.„ 575 

O.l. I Anulei 1.157 

Cle limiuaiie.'. 315.1 



June- 1 F 

Anglo Amen can Unrpn. 
Charier Consulidai--d t 

Emi . Orlefontutn 1 



Kinross - 


Rus'inhurp Platinum 

Si. Helena 1 

Soulh Vaal 

Cold Fields SA 2 

Union rorporalion 

“ De Beers Deferr.’d 

'1-76 + 7.fll pij-vourulielehr 

to- *4 East Rand Piv 

Free Slaie rt-duld 2 

President Brand 1 

President Sicyn 1 

*0-/4 Stilfoniem 

••■■■ Welkom 

■0.36 -0.UZ West Drli-Mnieln r 

ri -®j -U.Mb Wi-Biom Holdings J 

;^3B U:ha wps,or,, Deep 1 



Anglo-Amer. Indosmal . r 

Barlow Rand 

CNA lo vestment 5 . .. ; 

Currie Finance 

Pe Btears Industrial : 

Edgars Consold. Inv 

Edgars Si ores 2 

EvuT Ready SA 
Federal.- Volksbi- leggings . 1 
Crea*. i-mans Stores 
I'uardian Assur. 1SA1 



McCarthy Rodway f 

Ned Bank .. 

d.iiasd +0.05 

—0.5 I 41s 1 j.b 
—7 Ijl.lal 5.3 

I P.a 

+9 id.a&: 5.3 
— 15 il5.rt. 2.6 
1—11 I 42 1 5.1 
-20 ! 40.3 7.1 
+ 2 I 75 4.7 

-51.5 8.4 

-3 j7S.50 S.O 

.9 ; 1 * I aIb £K Buraara. 


1B7* I I8J* 

’ia 5 & ES ■“! 

B S 8 -i! 7.5 0.9 « an n ? h “’ n , sfS r ‘ ,0S 

i t. +•«!*>:«, 1*4 +1 14.10 10.5 R' mhrandl Croup .. 

Uen. U vnlenia-c 180 { 8.25 4.3 ^ HokJmjIS 

I him nl 70.5+2.31 9.7 8.2 SAPP1 .. 

in-ifum i— 2,8 — — c. C. Smiin Sue at 

6 60 Id +0.10 

liilt-tnl ...... 

l+eiiuvs 8rad,„. — 2,8 — — 

l-ilari'C - 198 -4 Id.// 8-5 

LUrwl 770 -7 la.d? <5-1 

Lr"mil.l .....1.738 +8 2.1 

M-tib>-ua Plienia.. 1.025 39. a 3.9 

'lietielio ■■II" 1.435 1—15 32L56 2-2 

)lw:l Heiiunn'^. 6l 9 —8 12.6: 2.5 

’InuluieT ........... 1&4.5—1.5 5 1-8 

Pull Las 159.51-0.5 is-Sfe 12.5 

Pecbmey 94.9-J.2 7.o 7.9 

IVnifti-Uuainl 279 +1 7.5 2.7 

Pvujp*>l-CKtueii.. 3/8.ll— 4.9 l?J5 4.6 

Kivimu 232 1 + 3 - j - 

iLuihi ieehiilque. 473 1—4 2? 5.7 

iwMiuite 562 1-4 27 4.8 

IlnuhltarX 164.5—1.5 


Pecbiney 94.9-J.2 

l'eriif»l-htictin1 279 +1 

Pvu|pe>i+.'Htuen.. 3 /B.ll— 4.9 

KivIhiu 232 1 + 3 

i Lid h> ieetmlque. 473 [—4 

lu^iuute 562 1—4 

itli-joe Puuleiu: .J 1U0.2— 1.£ 
.•i.Uuhtin. < 152.8—1.2 

?ki> Uc«ciirnoi ,...ll.64u '— lu 
Suez 262 +4 

C. C. Smiin Sug at • • • *3.Jn 

5 SA Rrwenes 1JS 

1 Tiser Oals and Ual Millfi. 9.40 

* Unisoc LOS 

\ Securities Rand U.S.S0.7 
s (Discount of 36.5%) 

27 5.7 
562 1—4 27 4.8 

IUO.2— 1.8 » : 9-1/ 

132^ -1.2 U.3i 9.4 
84U J-lu 39 Z-3 

262 +4 Is.s, 9.U 

Leiemeuunque— . 760 1—4 2b.3| 3-4 

Mi. mmm 197.4—2.4 ls.lS 7.7 

L-in™-..„ „.i 24.6—1.4 — • — 


bind ‘lux 'll ih’cL, 

IJ 5.4 
IJ ! 4.s 


+ 1 


+ 3 




- 3 


- 2 








+ 2 




- 2 




+ 3 


- 4 


- 7 











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+ 0. 







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+ Or 


+ 5 


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+ 0. 




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uFulFu uiti 




Decision near m SCM 
court fight with Xerox 

New link in 
for AP-D J 




('ONE OP the longest anti-trust sidiaries Rank Xerox in Britain summing up that Xerox had the 

1 1 . r. . ■ . . • « n. • • ■ _ T — _ _ AVflluHo pnninPTITinn 

By John Wyles 

ALTHOUGH THE recent an- including New York, operate a which the insurance industry was 

nouncenient of moves in New mixed system. grappling. *' .. . . iv-t this nrbCMs 

York to set up a local equivalent During the earlier bout of inBa- - The change was swift. In mid- According 

' cases In US. legal history, involv- and Fuji Xerox in Japan. SCM power to exclude competition 
, iBE Xerox and SCM. another is a New York-based corporation from the copier market and aid 

I " ww m m III V S __ 1 • !4 mL Alt Hilt 

NEW YORK, June l. 
economic and financial news 

1 ark io set up a local equivalent uunng ! urn earner doui qi inua- - xne cnange was swbl ^ vas alreadv started Accordink 
of Lloyds of London gave the tion in the U.S. around 1974, the 1076, underwriting results and- has .aucaay ^- • 

ef stai, inarf i 1 , o cham tlim for tO SOTBC esunjatc*. 

impression that the insurance states used these powers to freeze loss ratios took a sharp turn for to JMA ^ 

industry is straining for more premiums since they had few the .better, and the Insurance auam insurant ^ratesgnu^ . 
of the action; the U.S. insurance other means at their command Information Institutes figures aiiy na a ; insnrabeo 

j eight women and two men with paper 
' '• no fewer than 76 questions to equipn 
. t answer. copier* 

;h But even if they come back Xerox. 
; with unanimous answers to them In 1 

i^TiW-SEJS equipment-on top of the offlee “^“"couoi, their WgffiW******* . ft** « ^ MSS# 5K fOT 

ver. copiers which put it at adds with counter attack on the argument Gmbh (VWD). going up too. size of insurance company profits the industry, not least because it wi manfes 

t t 

that SCM was in a had way when following 

*” 19 «- J™ X P "w. h S . ,r G!r^ DO t “co , nom i o 

/ all, the case, which is a year licence by Xerox to make plain market with plain paper copying 
' ■ old this month, will he far from paper copiers, a refusal which machines. Management was in- 

over. Damages must be con- it now claims prevented it from decisive and lacked the drive to 

sidered, and so vigorous are the entering the copier market in compete in the copying business, 

litigants that they are bound to 1967 and making several they said. 

pursue the matter to the highest hundred millions of dollars in If the case goes against xerox, 

courts in the land. profits. Instead, it made losses of it could face dismemberment of 

courts in the land. 

At issue is a charge by SCM S47m. 

its office machine business, as 

news agency will takeover 
responsibilities for marketing 
am) operating the American 
company's news services in 
West Germany from January 
2 next year. 

As a result, VWD says, the 

According to the Insurance 
Information Institute In New 
York, which collates returns 
from 90 per cent of the property 
and liability insurance industry, 
earned premiums were up 15 per 
ccd L to. just over $15bn in the 
first quarter of 1978 compared 
to the same period last year. 


that Xerox maintained iileaal SCM's suit Is aimed at rerover- well as whatever damages the 
patent monopolies of office copy- ins these losses as well as $490m Court cares to award. However, 
ine machines and engaged in of additional damages Tripling the final solution is clearly a 
marketing oraches which this total as provided for under Jong way off and the only people 
violated the Sherman Anti-Trust the Sherman Act. SOM's total who have profited out of the case 
Act. Fart of SOM's alteration claim is for S147bn. so far are the lawyers who are 

includes the claim chat Xerox SCM's lawyers claimed in said to have earned over S50m 
formed “cartels" with Its sub- enurt last week during the from the case already. 

current news* exchange agree- Losses, by contrast, were only up 

so far are the lawyers who are 
in said to have earned over 850m 
the from the case already. 

Larger loss 
at Chromasco 


ment It has with Reuters will 
be terminated from the end of 
the year. 

Hr. William Clabby, general 
manager of Dow Jones News 
Services said here today that 
the arrangement is similar to 
other distribution agreements 
AP-Dow Jones has with news 
agencies in Japan and Italy. 
AP-Dow Jones would maintain 
its five man editorial team in 

11 per cent. Allowing for other 
transactions. the companies 
covered turned last year's net 
underwriting loss of 5318m. into 
a gain of S136m. 

Although figures are not 
collated in the same way for life 
and health insurance, this side 
of the business is also on an 
upward path. Judging by the 
quarterly reports so far an- 

Earned premiums.. 
Incurred losses 
Net underwriting gam (Ic 
Policyholder dividends 

First quarter 


15,088 13.120 

9,523 8^42 

m ( 3P 

315 148 

Net investment .gain 
Net income 

Policyholder surplus gain (lass) 
Policyholder surplus 



(« 0 ) 


Note: Figures are for about 500 companies reporting to the _ 

California Insurance Department. „ . insurance companies themselves. 

Source Insurance information Institute. New rock , o-v*. .m* 

with 7 per cent tor cars. . ■ 

In recent, months, there have 
been- widespread 'demonstrations' 
against insurance premiums. And ■ 
since inflation has begun to rise* 
again, a repeat: of the freeze 'oF: 
1074 seems inevitable. . _ 

- Grounds for this . conclusion . 

were strengthened earlier this 
week' when Mr.- Robert Strauss;-. 
President Carter's. Inflation 
Counsellor, said he hoped, for co- 
operation from the- insurance ia- . 
dustry in holding ' down pre- 
miums . “One or jtwoi major. in- 
surance companies" fra d 'agreed \ 
to co-operate,. he indicated;. 

The industry's mairr /hope-ift - 
that this •' time "• ' 
authorities -will recagni$»^tfa&f- 


MONTREAL. June 1. 

By Our Own Correspondent SHELL 

MONTREAL. June 1. now ■;.j 

CHROMASCO. a major ferro- TSritish 
alloys producer in Canada ami CSlOOm 

SHELL Canada will develop a primarily located in Alberta. 

-ual mine in south-eastern Total capital and exploration 
Columbia tor about spending rhis year will hit a 
when sales contracts pe:jk cs4( , 0lll . against C$380m 

the U.S.. posted a CP752.000 a « completed, according to Mr. VjSl yea ' r . Th ' e investment pro- 
rus$672.nnnt net loss for the e. William Daniels, the company a ra nime, plus slow gas markets 

first quarter, apainM a lass of president. 

cwfhtu! 00 hi-hnr 0a nr ,cl rsisq , nj 5 Reserves arc of cood quality margin*. will mean Shell PDC Fawooff 

iTTotiA o at L m ' and Josisticaily well placed to Canada's earnings will be little v-I/0 _ r aW Cell 

( (serve the coal markets the com- changed in 197R from last year's _ 

“s M ,mmmK " a,M purchase row 

shss - sssrsjs jt ^ 

being adjusted in line with re- lms - Vt ' ar completed the previously an- leu. in response to a Dvpurt- 

duced volume in Canada. “Through Crows Nest, we nounced sale of a 70 per cent mentor Jun.slirc announcement 

and depressed refined products 

agencies in Japan and Italy, upward path. Judging by the Source: intamm informati on insti have to fight' wife 1 nsiPg <prire^-.. 

AP-Dow Jones would maintain quarterly reports so far an- 1 . ■ “ . that reach tnqm- , tiirot®j ; iOT^W:^ 

Its five man editorial team in nounced. i n ig72-73, the • last time the was broad-based. All major lines claims. Car, insprci^ for HUg aneA -.-. 

West Germany but the agree- Analysts of the insurance industry was going through a began to make profits, notably point out . tnat-_w*uie tn^yj.- Wfe); 
ment with VWD would allow industry point to many reasons boom. auto insurance whit* represents an increase of 7 ^per txx^tx'pp ^ . 

for the expansion of news for this upturn which consoli- B Ut this move by the states by far the largest single slice of mioms, the cpst-ot ' ‘ 

coverage on a joint basis where dates the improvement which turned out to be one side of the business in the U S. ... • a ? d tmspttniTOaTmetg^eMpg . 
it could be advantageous. began about 12 months ago after pj^cer squeezing insurance com- In 1077 property-casualty at an amuw rare 

“This is going to he very nearly three years of heavy pa nies. The other was the fast- insurance reported record profits cent respectively . --yj ■ 

lucrative and profitable for us, 1 losses. The most important is risin n cost of seniin<> claims, of just over Stbn. with life Although 

he added. the increase in premiums sane- notably auto and building insurance fhelped by what is 1°“^* must have. ^ bewfefitter ■ 

— tioned last year. repairs, and health insurance.' described in the industry as atm the _ recent siWP. ? 

*._ n _ US. insurance laws vary from Times got tough, and several “favourable mortality") also short-^M 

state ta state. But they all give insurance companies were hard turning in record earnings. tne general wuiiuatvu 

the state authorities strict powers pressed to survive, a conspicuous Despite this spectacular turn- proms tais -ycar ai?? gunnq _m . . 

of this year, inventories are 
being adjusted in line with re- 
duced volume in Canada. 

However, demand fur fc-rro- have now established a strong interest in its operations in the regarding 

sillicon and ferromanganese and position in metallurgical coal." Norwegian sector of the North Fawcett Publications, said that 

adhesive oroducts is now show- tvs 

ing sirjns of strengthening 


adding that Shell's Sea to Norcem A-S, the Nor- while flu* radio and television 

__ L'-a. unuume laws vary iiuiii lrnies yui Lvuga. auu skyvlux javuurauiB uiui wm; # ..n.. ..I .innnTnirirtTt fn tli-nVAfa- 

g SlWr’Pft slate ta state. But they all give insurance companies were hard turning in record earnings. tot-sonerai 

the state authorities strict powers pressed to survive, a conspicuous Despite this spectacular taW' ^ profits ivtnw -year a^ppmraw..- 
i over the levels at which near-casualty being Government around, the insurance Industry reraoutbelowia^ye^r«ttta^,. 

Purchase TOW premiums are seL In some states Employees Insurance Company as a whole can hardly he 

-—New Jersey for iostance-the (GEIC0). the country’s 30th described as facing the future is sun 

NEW YORK. June I. State Insurance Commissioner largest property casualty insurer, with glee. For one thing, their pattern . oi ^ t nre e yeara p, iww . 

COLUMBIA Broadcasting S>s- must approve all new premiums In 1976. however, the states experience in the not-too-dlstant 

lem, in response to a Depart- before they are introduced. In were finally prevailed upon to pa6t is a warning that once wn ung resuits vnu peaK rms 

mem or Junstice announcement others, the Commissioner has the relax their hold on premiums, insurance company profits start year wh r a fh£ 

regarding ils acquisition of power to challenge them after and they permitted increase's ,in soaring, the public gets traugn so ewnere airer 

Fawcett Publications, said that they have come out. Some states, tine with the enormous costa with nant, and the State insurance iuoi. 

NEW YORK. June I. 

acquisition of 

are wegian concern. 

concern hub not yet seen the 
complaint. “ wc understand 
that its ihrust Is directed to- 
ward potential eltecls of the 
Fawcett acquisition on the 
mass-market paperback book 
field. The acquisition docs not 


I j-t o ( 

L -i'- } 

Tyco issue increased 

See aGanunastanding stiOLL 



PRICES in the dollar sector of watching the performance of the 

specific merger the market were steady yesterday National Westminster 

guidelines laid down by (he 

ghi trading as the market which are due to start trading 



A member of The Assocracfon of Investment Trust Companies 


for year ended 31st March 1978 

1978 1977 

Total Assets £54.7m £ 55.0m 

Per Ordinary Share- 

Net Asset Value 225p 207p 

Earnings - 6.34p 5.65p 

Dividend 6.10p 5.40p 

Geographical Distribution : 

U.K.. 62.7% U.S.A. & CANADA 28.0% JAPAN 7.0% OTHER AREAS 2.3% 

Department and we staged a technical recovery. The today. 

believe it complies fully with 
the anti-trust laws.” 

convertible issue for Tyco * The preference many investors 
Laboratories was increased by show for shorter term paper was 

CBS adds that it “fnllv in- S3m to S25m and priced at par illustrated by the shortening of] 

formed Ihc Justice Depart- 
ment o: Us intention to acquire 
Fawcett several months in 
advance, co-operated fuly with 
all Justice Department in- 
quiries" and "the Justice 
Department indicated that it 
would not seek 1o block »he 
acquisition “which took place 
in January Iasi year. 

CSS intends to "defend 
itself ” against vital ii ‘erms 
an “ unjustified action." wii the 
part or the Justice Department. 

to bear S.5 per cent the maturity of the 6100m 

The $30m floater for Banque Yankee for Finland to five years 
Worms, which had been priced from rhe initial seven. This also 
at par, started trading at 99J enabled the lead manager to 

but ended the day somewhat offer belter terms to Finland, 

weaker at 9SJ-99. The coupon was set at 8J per 

The only issue on offer in the cent and the price at 99.40 to 

doibr sector of the market is yield 9.09 per cent on an ATBD 

a SaOm nine year placement for basis. ‘ 

ECSC carrying a coupon oF S? The Banque Natkmaie 
per cent, which is being arranged d'.A faerie's Kuwaiti Dinar bond 
by Bunca Commerciale ltaiiana. was priced at oar after beinc 
Issue price is expected to be increased by KD lm to KD 8m 
99L by the lead manager, Kuwait 

The market will be closely lni'estmenl Company. 

You might catch sight of the excitlnfl new Lancia Gamma at traffic Buhls. 
You could scour the country* car parka for Justs gfhnpsa of such ahisivo 
luxury Or you could simply contact Portman Garagw. We ha?6 othsr 
Lanclas from the versatile Beta range standing still In our Khownaonra. 
Butlhuny they're going fast _ 

mgg I Drirealaada. . -bm mm 

flaaigB ) DriveaBortman. BrVRPH 


10aGfljrgeSl/ggl-LondonW.1.0t-9355^1S WB HI 

.■» -"5 


This : 

ScdcMi- 1 

i « ■ 

Avon Mber Company Limited 





Haffyesr ’Vfear ended 
to 24.77 110.77 
£!000 £000 




Extracts from the Scatement by the Chairman, tir. J.G. Wallace F.F A 
© Revenue growth continued 
© 13-& increase in dividend proposed 
9 Satisfactory increase in Net Asset Value 

9 Welcome abolition of 25 v ? surrender and reduction of Tax on Capital Gains. 

© Danger of drift towards tariff barriers and isolationism 

• High personal taxation threat to continuing efficiency of U.K. Stock Exchange 

• Outlook for profit increases in U.S.A. remains positive 

© Best long term interests of shareholders served by well spread portfolio 


Copies of the Report and Accounts may be obtained from the Managers and Secretaries, 

Martin Currie & Co., 29 Charlotte Square, Edinburgh EH2 4HA. 


v-ian D'.-i . Bank sine I9?s 
n\ne «:pc ws-. 

Car>ad.> -tip-.- iof‘: 

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D<MMvli>- BrfPk -Upc IDil 
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i-;ib s:pc iwn 

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Tmndh.-im :,:nc l9sS 

TV«m Fsivur Cu. 5r». I**! 5 

>Sv ICS" . . 
\v„r»d r.imk j - pi; Win .. 

This announcement appears as a matter of record only 



Alcan Ausiralm fine 19S9 

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Au-irnlia Slpc TMi 
Aiifiralmn M. s. f ;r«- 'Vi 
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Bowakr B'pc 1332 

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Volni Vp.: 19-j March .. . 


PJiinrioar Expn-ss 4! pc ’S7 S7 

A-hbixi 3pc 19SS 93 

B.ihctjcfc 4- Wilcox 'B7 I (Ms 
B»arnw Foods -Cpc |W2 .. 97 

B- -airier Foods ^’pc 1992 .. 1u.«5 

n-0'.hau) «:pf iro? s»;i 

j Taxation 




Profit after taxation 






Minority interests , 



110 • 





j Profit attributable ' 




o r! . Bnrdi’D 5pc IW2 Il'l 

97 j Urnadwar Kali- -line 1937... 77 

njl" • ion 4pc 1<«7 

M,i Fhesron jpe 1*JSS 

91 n.'rt i:pc 1997 . . . 

K ittniar Kodak -I nc 

bv rvonrnnic Ijbs 4:pc IW 

ji; 'Trcsfoiic Spt IMS 

HU Ford 5pc 1DS3 . . 

Ekmrlr 4 loo 19*7 

lu b' iiiiii-ir- «IK* ISS7 

1,; • liould 3pc I9S7 

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llMj If.irris 3pc 193J 

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1UJ IN\ Cp.: 1M7 

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ITT line 15*7 

,|U," JUSCil tipi- IMi 

jxj Komatsu 7lpc 1999 

.r. Pay McD'-rnioii 4lpc 'S7 I7n: 

Rotterdam, The Netherlands 

nc,: Ma«whtfa C.’oc 1999 .. .. 
b,;; MKslil 7 , |1,* IIWII 

i, B > J P. MuTtin a;r*c iint .. 
bj,' NjMsw .line 19SS 

nun-ns Illinois i'pc iost 
nii -I C P»nn**V 4'pc 1597 .. 
qlj Sr\1on 4Tpr 1DS7 
n, H-vpiddi Mri.iK hpc 19s:! . 
q;i yrdlilvifc r-lpc If^W ... . 
n," Stp.-T. Band -n pc 19S7 ... . 
Squitib 4 1 pc |4S7 

Ti-si-si 4'p*‘ Ifl-'S 

i-' Tn-lnha ■••:pr iw 
n K r T> Co. spl- 1991 . . 

j. ; Ifninii rnrhllftr lip*' IBS? 

‘ Varnirr Lamhi-r* >’nr- 119, 
w-irihT Lamh-n 4 ; pc lfws 
K.-rox Spc ivis 

Trading Profit 
Share of profits ilocses) of 
associated companies 
Profit before taxation 

Earnings per share 29 4p 31. Ip 68.4p 

Comparative figures for half-year 1977 reflect the change ' 
in treatment of deferred taxation. 

Turnover of £57m in the half-year lo 1st April 1978 is . 
£2.Sm above thai in the comparable period of last year, but 
profit before tax has fallen by 5% due mainly to the extremely 
competitive conditions resulting from the world wide excess 
of tyre manufacturing capacity. Our tyre related businesses 
continue to trade profitably but at reduced margins. The 
increased volume of low-priced imported tyres especially from 
East European countries, has added to the market problems. 

Progress has been maintained by Avon Industrial 
Polymers. New factory investments have increased capacity - 
and improved efficiency. 

For the remaining part of this year, whilst there is as yet 
no evidence of any improvement in market conditions which 
will benefit our tyre business, the outlook for other group 
. activities is encouraging. However, it nowseems unlikely that 
the year end result will equal that for last year. 

The half-year dividend on the 4.9% Cumulative Preference 
Shares al 2 45p per share, amounting to £12,250 will be paid 
on 30th June 1978. 

An interim dividend of 4p net per ordinary share (4p) 
wilt be paid cn ICtb July 1978. 

Avon Rubber Company Limited 
Melfcsbam. Wiltshire, SNl2 8AA, England. 
Tel; Melksham (0225) 703101 . 

Snuri.'i'" KMdnr. rv.?J»n,jj- . ur nvfi. 

The Royal Adriaan Vo/ker Group embraces a substantiaf number of construction 
companies, which operate on an international scale and have branches or 
subsidiaries ail over the world. 

The Group’s activities are spread over five divisions - a dredging division, a civil 
engineering division, a pipelines division, a building division and a general division. 
Turnover in 1977 amounted to 1,011,000,000 guilders and the Group has more 
than 6,100 employees. 

Listing on the Amsterdam Stock Exchange. 

The undersigned have arranged the listing of the share capital of the 
company by way of an underwritten offering of 250,000 shares. 

Pierson, Heldring & Pierson N.V. 

Algemene Bank Nederland N.V. 

Amsterdam-Rotterdam Bank N.V. 

Bank Mees & Hope NV 

Amsterdam, May 1 978 

\usir.ili.-t 7»pr IW 



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Wins, and Cllyn's *S4 flijupr 




Financial Corporation Ltd. 


Consolidated after-tax earnings in the three monlh period ended March 31, 
197B were Can. Sl.612,000 compared with Can. Si, 643,000 in the same pe- 
riod last year Earnings per common share amounted to 33.0 cents comoar- 
ed with 33.2 cents last yean 

Laurentide Financial Corporation Lid. with Head Office in Vancouver: British 
Columbia, Canada, is a major Canadian financial corporation providing di- 
versified financial, leasing and specialty insurance programmes to Canadian 
consumersand businesses through 200 offices across Canada. 


Finance receivables Can. S 493270,000 
Gross income 19,822,000 

Cast of borrowing 8,041 ,000 

Net earnings 1,612,000 

Earnings per common share 33X1 cents 

7,633, GOO 
33.2 cents 

Suurce: WUU WcM Securities. 

JaJJJ up 

d **i. 

t r i'«£ 


«a *^T n - r v.- • 


* Premium??. 

;J: 1 fc *snn £.* • 


Robert Sitv* 

r L er > lw£ • 
_? e 30p ed ,3 . 

*!» -asurJ:' 

dm ? do** 

,r . ^ »a J 
ntes ’ u a . W; 

ie indicate!® 5, '■ 
'* rn ' din ho» - ‘ 
l? e round V • 
ll «co S aij,‘ • 
“"•« then*: riria^ • 

n thr ^.?h'iiS; . 

"SLV e '"*£ " 

_wh;l e fhtv'J.r.- 
‘Ptr cent U> ' 

»V jf • 

a ** S aim j, 

Ply. r 

, l! ? c !Q5fflj 

'• hiv? i5g 
?n t .-nar^ jC 

iy «n Wan 3 

nClL^.on !S% 

ear arc acnw 
1 last ;. ear's, toe . 
». iJtCjjte bu^ 

isir.e But J- 

■ee yi'arj a3 _ ^ 

con;:r>u?f. jj 

its 'a'i 1 .: 3^ i 

n hr' jri i-.Kzi 
Kftn’S'WS'.er* - 



%■■ During the next twelve months, about 800 new 

anria Ciamma Rprlinas will annear nn Rritis 

v The Gran Tunsmo version will be even 
rarer. Some 400 will be thinly spread over the 
length and breadth of the U.K. 

T ;. ,, This isn’t we hasten to add, the result of 
some devilish plot to make this very desirable 
Italian car even more desirable by making it 

niifJ »I4J ■ UJ 

very diffieult to obtain 
. ; Ifs just that ever since 

rumoured, the world and his wife have 
beenqueuing up to put their names down 

/ : K&tidin the face of this somewhat 

eni&irdssmg demand, Lancia have had to im- 
plode the strictest rationing §ince the days of Sir Stafford 

^ >Butffit^ regrettably exclusive car been worth 
toiicw Gaanma as good as its svelte 

drive (like most Lancias since the legendary Lancia Fulvia), 
sensitive power steering and hefty power braking. So 
although it’s big and spacious and comfortable, it drives 
like a car half its size. 

If you like luxury, the Gamma has it to spare. 

With thickly padded cloth covered seats, of which the 
driver’s is adjustable to give you the perfect driving 
position. An adjustable steering column. And carpets 

Lancia Gamma Gran Tnrismo £9,185-67* 

you’d be happy to lay in your own home. 

It also has a quilted roof. Adjustable head rests 
A remote controlled, electrically adjustable 
overtaking mirror to keep your hands diy. 
And electric windows on all doors 
to impress policemen, hotel porters 
and petrol pump attendants. 

So tf you’d like a car that 


is unlikely to appear in your 
neighbour’s drive a week after 
you’ve bought your own, then you are now looking at it. 

Of course, tf you want to be the 
first of the few, you’U have to move fast 
But that’s probably your 
style anyway. The most Italian can 

Lancia (England) Limited, Alperton,Middlesex.Telephone: 01-998 5355 (24-hour sales enquiry service). 

Syoh tfke sheer spcecl, it certainly is. The new 

a highly ifi^egai maximum in excess of 120 mph 

more reasonable speeds inmost unreason- 

ina^nificent handling, the 
please yo^It has front wheel 

8% and <ir tax, inertia redseat belts and delivery charges (UK mainland), but exclude number plates. Personal Export: If you are eligible to purchase a Lancia free of taxes, contact our Export Department 

: ' Rbanefel- Times Friday 


year as exports soar 40% 


TUKYO. .lu nr l 

HON DA MOTOR. .In pan 'ft fast- 
js rowing car makor. announced 
lodni a IM.M per cent increase in 
cnns'oliduled iW in coin v for the 
year lu Februarj '25. In Y27.49iin. 
a new record. and a .‘jo per cent 
rise in dollar tr-rni 5 . in S115m. 
Pul almost simultaneously, the 
company .said tonight lhal it is 
recall in” some 45S.Q0Q Civic anti 
Accord passenger ear*: (over 55 
per cent in Ihe U S.) in replace 
a £3 si: cl pari which, while - not 
defective " according to Honda, 
could result in gradual loss of 
engine power. 

Honda's performance, however, 
largely mi tv. righcti the adverse 

publicity caused by the com- 
pany's fir-l inajor recall. Us 
success in I37i was achieved 
despite a slight reduction in 
rioinesiii’ car sales, from 246.000 
lo 242.000 cars. Honda offset this, 
however. Ii> selling 40 per cent 
more ears abroad in 1977, and as 
a result, the foreign component 
or Honda's car business went 
From 55 per cent in 1976 to over 
63 per eeni in 1977 — a reflection 
of ihe internationalisation of 

Consolidated net sales for the 
fiscal ;car ro«e IR.9 per cent 
u. YflSSbn iS4.1bni. Of ibis. 
Honda's overseas earnings 
accounted for 66 per cent of Ihe 

total, up fmm 64.3 per eeni in 
1976. In' unit terms. Honda sold 
2.4m motorcycles I up 14 per 
cent t and 661.000 cars in the 

The net income nf V27.5hn was 
a substantial improvement from 
Honda's previous record perform- 
ance of Y24.1bn in 1976. A Tier 
adjusting fnr the 10 per cent 
free share distribution made on 
March 1. 1977. net income per 
European nr American share 
teach representing 10 shares nf 
common stock l amounted In 
Y476 nip 6.5 per eeni), or lo 
SI ,P9. 

In L ; .S. dollar terms. Honda's 

performance is especially iink-. 
mg. In 1976. net income was. 
$35 m ai the exchange rale pro-, 
vailing at the end of term. The. 
equivalent figure for 1977 *'f 
3115m thus represents a massive! 
35 per cent rise in net rar.nutn. 
as a result of the upvaluai ion iff . 

plans to 
tax foreign 

Ceat to expand in 
idle Indian tyre c 

up 0 * 



> ^ 


the Japanese currency. 

The result*: are based uni 
figures from Honda’s 67 consul i- , 
dated subsidiaries. Honda ; f-o 
cuunts a further 2S non cunsoh-l 
dated subsidiaries and 37 :<Rilia>e] 
rompanic-*. Only equity m 
income of nnn-c»iri soli dated c nb-' 
sidiaries and affiliates is cun-rcd . 
by th»? company's consolidalod 
bslanie sheet. i 

Pharmaceutical makers advance 


TOKYO. June 1. 

JAPAN'S lop seven pharma- 
ceutical manufacturers* have pul 
in profit performances far ahead 
of their target s fur the 
year ended last March, largely 
as a result or brisk sales r»f new 
medicines such as ccphulospunn- 
aifir-d antibiotic. 

The.' had expected the Govern- 
ment In nil drug prices with 
effect frnn: December of last 
> i-ar. and -.*01 their sights low. 
ffov.rvi'r. ihe nc« pricing \jisinni 
by the Government became effec- 
livc only from February 1 uf ibis 
year, wiili accordingly less 
itn:*aei. Five uf ttie *«i , 'en — 
Ta|i»(la. Fti/isaua. ShioiTOgi. 
Sa •■■■ • ii ;iii>! F •■i«n i! rt-cord 
cii’Tenl prufiu fur Mi" year. 

Shionogi iep*irted 'ales up 4.7 
per n*nt at Y 112.7 bn (35J2m) 

e^nt hi.'ii*?r .n YK "hi. Sales nf 
Sbinnngi's aiililuniir.s stayed 
around I he previous > ear's level 
> ■'.HI”'.-- it - ct rr. •'*" com- 

n « i* . • • n, , • t<r. nrAlilc iU*i 

1 •• .ill,”'.-- lt--f\ri-. ''irt com- 
panv improved profits via 
exchange gains on imports of 

raw materials (YkSbnl and 
financial income from bond 
operations. Shionogi is paling a 
Y1.23 special dividend to com- 
memorate its centenary. 

Japan's largest pharmaceutical 
producer. Takeda, showed the 
highest recurring profits among 
the seven at Y24.8bn. This was 
up a full 47.6 per cent, rellecling 
the rise in operating ratios 
thanks to brisk sales of its new 
s‘. ii.'iicfi*- (i./ni.-iM.o. The txun- 
p.i*M '-niil SMi'IN i-omtmn'iilhin 
of Y :156m. which was accounted 
fnr ;is a special loss in imn 
rerurrinc Hems and atsn 
anamprlaied Y2.51»n for special 
reserve for future compensation. 

As a rcsuii m*i profits roil by " 
per ten i lu Y7.£hn iSC ■•in j on 
sjles of Y3?5.1bn iM.5bn>. up 
10.4 per cent. 

New products boosted Sankyo's 
and F.i 'ai's profits. Sankvo's 43.5 
per rent jump in recurring profits 
to Y4.Sbn was a Unbilled to brisk 
sal//* i.i f .‘is new cancer recKHvo 
•• Krcstin." which was markcicd 

last June. Sankyo's net profits in- 
i-n-ared 3S.9 per cent to Y 2.5 bn 
<$ll.-in ». on sales of Vll-JSbn 
1 9506m) for a gain of 25.6 per 

Steady sales of Eizai's highly 
profitable cardiac medicine mar- 
keted in 1974 provided an im- 
petus Tor the company's record 
rii-urring nrnflis. Eizai posted 
sales r>f V70.:Hin (?3I5ni!. up 15 
per cent, and net profits of 
Y2.J?hn |S12.6 ;jij. up 75 per cent. 
Duiichi Seiyafru improved recur- 
ring profils by S.7 per cent, lo 
Y6.2bn and net profits by 9.1 Per 
cent m Y2.4 bn (SHLSm) nn sales 
■if Y54.SHO tup S.9 per cent I on 
the sirengih i»r brisk exports of 
vita niins. 

Ba ny u Ph a n naceuli ca I recorded 
a gain in current profits for the 
first lime in three years, with a 
rise of 7.7 per cent to Y5.Gl>n. 
supported by sales of its new 
atU'biiific which was introduced 
in May last year. Canyu's sales 
were Y45.2bn’t$203nu. up 6.6 per 

ICB going 


Net profit 











Kobe Sccct 



11 JO 



Misshin Steel 






Sumitomo Meta) Minins 

Non-Ferrous metals 

— 7.18 




Sumitomo Mctnl Industries 






Mitsui Mining & Smelting 

Non-ferrous metals 

- 4.59 




Mnruzen Oil 

Oil production 





Tokyo Clrcfric Power 

Electric power & gas 





Mitsubishi Estate 






By H. F. Lee 

THE Industrial and Commercial 
Bank (iCBl. an established local 
hank in Singapore, will he mak- 
ing a public offer of 5m of its 
shares and seeking a listing on 
the Slock Exchange nf Singapore. 

The offer of the 5m SM par 
value shares will be made at 
SS2.7P per share. 

The issue, which will raise i 
S£15.5in (U.S.$5.8m» fur MJB- 
will increase the group's existing 
issued capital of 5315m in S32tlm. 

ICR said that the purpo-c of 
the issue is “ to provide the 
inventing public an opportunity | 
to participate in the equity of 1 
the bank and enable the bank m j 
be listed on the slock exchange." j 
Group prr-lax profit IV ihe 
year ended December 1977 was • 
SSfi.lTnt iU.S.$2.6nil compared i 
with S?S.43ni. in the previous j 
year. At the after lax level. ' 
group prufit was S$3.S9m against ; 
S?4.3Ani. previously. ‘ 

ICB said that current year 
prufits "will he maintained at a t 
salisfaclury level." It expects to ’ 
declare a gross dividend of not \ 
less than 71 per eeni. on the. 
«-nlnrs«*d eaoilal for the veari 
endin" December 197S. ! 

“ Fuii Photo Film 


Daiwa Bank 






Fuji Bank 






Mitsui Bank 






Mitsubishi Bank 






Sanwa Bank 






Sumitomo Bank 






Fuji Photo P'ifm Company's net 
profit Tor the half-year ended 
Mardi 31 fell by 21.7 per cent 
Trom Y 5.53b n (S25iu). from 
Y7.O0bn in the same period nf 
ihe previous year, AP-D.1 reports 
from Tokyo. 

Smiles during Urn ha/f-y ear. 
however, rose 6.7 per cent tri 
Yi:!7.42hn ($810rn) ftnm 

YrjSS«bn. Exports bu.dled 
Y 34.70b n. up 4.1 per cent from 
Y33.34bn. with to the U.S. 
amounting to Y1!.4bn. down 5.7 
per cent from Y12.1bn and those 
to Europe up 11.8 per cent to 
Yl 1.85hn. from 11.S per cent 
from Y 10.6b n. 

This annoum emenl appears as a matter of record onl\: 

impresa Lineas Maritimas 
Argentinas S.A. 

US $50,000,000 

Medium Term Financing 
Guaranteed by 

The Republic of Argentina 

Lead Managers 


Cu-^ lanagers 



Provided by 








Agent Bank 


By James Forth 

SYDNEY. June 1. 
ment intends to impose a 
branch profits tax on overseas 
companies operating in Austra- 
lia. Legislation Is expected 
to be Introduced next week, 
hut will nol be passed berore 
the winter recess or parliament 
to allow comment and repre- 
sentation to be made lo the 

The branch profits (ax arises 
nut of controversy last year 
after Uiah Development, 
Australia's most profitable 
company, remit led more in 
rihidends to Its U-S. parent 
for the first nine months of 
1977 than it earned — and 
without paying any withhold- 
ing tax. 

Ford and Esso la sub- 
sidiary or Exxon or the U.S.) 
came in Tnr similar criticism. 
Ail are incorporated In the 
U.S, making them branch 
operations or a U.S. company 
and therefore nol subject to 
withholding tax. If they had 
been incorporated in Australia, 
Ihe dividends would be sub- 
ject to this tax. 

In the case of Utah, no with- 
holding lax was payable by 
any companies when the local 
operation was established. It 
was incorporated in ihe U-S. 
because that was the only way 
advantage could be taken of 
U.S. depletion allowances 
under which a percentage of 
mining income, or profit is 

It is intended Ihe lax will 
he on taxable income because 
of the difficulty of isolating 
remit lances. If w'ould not 
apply to other inromc of non- 
residents taxed under provi- 
sions of the tav law, such as 
film royalties, shipping profits 
auri insurance premiums. 

The Treasurer, illr. John 
Howard, said the Government 
would give further considera- 
tion to representations that 
might be made about the 
detail and Ihe mechanics of 
the tax. 

CEAT TYRES of India has 
decided lo go ahead with ihe 
expansion nf automobile tyre 
production facilities despite fall- 
ing profitability and substantial 
l idle capacity in the tyre industry. 
Profits of Ceat Tyres declined- to 
T.79 per cent of sales in 1977 
from the peak- of 1L29 ner cent 
! in 1972. The 1977 profits were 
1 ihe lowest since 1970. when the 
j rnmpany had to * contend with 
the after-effects of a prolonged 
I strike. ■ 

The installed capacity nf the 
tv re .industry now exceeds the 
demand, which has been 
! sluggish partly because nr heavy 
| taxation on road transport and 
parity because of the improved 
1 efficiency n f nationalised roil- 
: wavs. N*»w imposts on fuel. 

, nnver and other raw materials 
levied in the March Budget have 
| been absorbed hv the railways. 

; imnrnvin- ihoir competitive 
. position. This has enabled them 

to wrest back business from road 

tr %Sinst che lyre 
oapwaty of 7.92m unit^ -per 
annum, prod-uetjon In 1977 was 
5.94m — an increase of o.3» per- 
cent over the previous-; years 
level. On current reckoning, it 

will take at ’least three years, for 
the industry 4o reach full utrilsan 
tktn of i*ts installed capacity. 

C6at Tyres, the market leader, 
however, sells aH that U produces. 
The Rs 54m expansion ■ pro- 
gramme is to be completed by 
end-1979. At current prices, sales 
in 1980 axe expected to be Rs Ibn 
and wiH go a long way in improv- 
ing its profitability- 

The total income of Uie com- 
pany in which Tata has a stake, 
rose by only 5 per cent to 
Rs 761.40m io 1977. but profits 
before tax dropped trom 
Rs 20.09m in 1976 to Rs 13.47m in 
1877. After-tax profits amounted 
to Rs 13 per equity share in 1977 


as compared with Ss 59 1ft: 3973 
and Rs 24 in 1976. The company 
exported- Rs- '47-.50m worth of 
tyres in 1977 ta meet the export 
obligation Maid down bjr tha 
Government. ^The export prices' 
realised were uneconomic dg£nst' 
competition from ' msitmatumai' 
tyre manufacturers. -. - •. 

Ceat Tytefi raised Hie prices 
of rayon tyres bytO per cent ins 
of nylon- tyres by -2.5 per cent 
Since other tyre , manufactmtj* • 
followed suit, the Government ha* 
proposed to take" actio it underlie 
Monopolies and RestrictivcrTnbdfi 
Practices Act. 'L-T''r*-“ 

The introduction- of radial tyc®*:' 
on the Indian marks ! [ is .ztn&tr. 
consideration by the cbmp'ax&: jf ■ 
road tests prove aatis£aotoxy< Cea^ 
will apply to the Government' for 
a letter of inteht l :< whleh~wiU'be 
converted into •* an - ondustria] 
licence when the terms ana con,, 
ditions for obtainia^r 
are settled. . ' -r 


Triad takeover of 


I THE EGYPTIAN Government's 
-decision to cancel the Pyramids 
I Oasis project at Giza, to have 
been carried out jointly with 
(Southern Pacific Properties here, 

| will delay takeover talks between 
SPP and Triad Holdings Corpora- 
j tion in Luxembourg. 

; Triad, . whose Saudi entre- 
ipreneur chairman. Mr. Adnam 
Khashogs*. is a non-cxecutive 
director of SPP. is the largest 
shareholder in SPP and is 
negotiating to buy the remaining 
shares. SPP’s shares have been 
suspended here since May 17 
pending the outcome of the take- 
I over negotiations. 

Mr. Peter Munk. chairman uf 
| SPP. confirmed here before nis 
! departure for London and Cairo, 
(that rhe cancellation of the Giza, 
project would inevitably delay 
the takeover by Triad. Mr. Munk. 
s;* id at SPP’s annual general j 
meeting here on May 31 that. 

Cairo's action had rome as a 
complete surprise and effectively 
stopped his company's current 
operation in Egypt. 

SPP was to have carried 
out the Egyptian development 
through its 65 per cenl-owned 
Middle East subsidiary, SPP 
(Middle East), which in turn 
held 60 per cent of Egyptian 
Tourist Development Company. 
The Egyptian General Organisa- 
tion for Tourism and Hotels 
holds the remaining 40 per cenL 

The Egyptian President. Anwar 
Sadat, personally called off the 

■ Hong KONG r ’Jiiae'_x. * 

HKS2.3bn <US^Ww>.^^ai -v* ; 
Oasis project cl^ to the^Cfr? 
Pyramids, .following opposition' '— *'■ 
to the development- by conserva-- : 

tipnists and -ptbert.- v ;'ba'V ! u- 
The proposed tourist' dewkop. !T ' 
ment include# &v& hotels pmridr - ' 
ihg 1S0O rooms -iri-att and.a gbit r - - 
course, .among .other- amepities. , 

Mr. Monk. safd ; , a r t , the ?SPP . -j- 
meeting he had no r - idea, -how. . 
much m o n ey -ba d -b pen 4 Dyfested 
in planning and infrastructitire ' 
for the Giza Development- SPP- . 
had guaranteed loans to SPP; 
(Middle East). 


■i3n Bovei 




(topics of a Bi-annual Report for the period to 29 th 
Match ip-H are avahablc to shareholders at die oflices 
of the Managers and Piling Agents named below. 

U.S. $30,000,000 Floating Rate 
Capital Notes due 1984 - 

Managers: Barclay: Unicom International (Channel Islands) Ud., 

P.0. Box 152. St. Kelier, Jetsey. CHANNEL ISUNDS. 
Paying Agents: 

For the six months 

2nd June. 1 978 to 4th December, 1 978 
the Notes will carry an 
interest rate of 8 i per cent per annum. 

The Notes are listed on the Luxembourg Stock Exchange 

The Hanging soi 
ihangtHi Banting 
Corpeutjon. P.0. Eo« S3 
B-infei ceil Bigawan. 

R.ncbfs 8>n(. (Hang hong) 
Wcnrnec'. IH. 
fi.rj). Bo> No ’55 
CamiaoH Ctnire. 


E.iiV gum Dr, 4. 

Jatin Jimiri-i fin rh 
Ean'iu? Internal iona It 

1 Iviwfrorq . 

Eoiib Posinl" 2715. 

2 PnulevJiJ Rav*l. 

Mid-Med Bank Lioiled. 
Savings Office. 

253 Republic Street. 
Vall.ila. MALTA. 

Bank si Naum. 

P 0. Box :S9, NAURU, 

Pappi Kr» Gsiou 
Banking Coquredsp. 
P.Q. Bu 78. 

Pwl MsrKkjr, 


By Morgan Guaranty Trust Company of New York, London 
Agent Bank 

Faidar* Xol b Co. U V.. 
Postliu: HD. 
Heiongrichl 500. 


Iniernihcint Bank el 
Singapore United. 
Pndmn 117. lit Floor. 
DBS Building. 

Shentan Way. 

Aniralia b Nr.v Zealand 
Banking Group Inured. 

P 0. Ear 139E. VYlllinglM. 

Soeiete Sancaire Barclays 
ISoisss) S.A. — - 

Case Posiale 221. 

CH-121) Genc«d I). 



Barclays Bank tinned. 
Satanl'is Services Dept, 
Second Floor. 

5< U si Ira id SHnel. 
London EC3P 3AH. 


Ente Nazionale per l’Energia Elettrica (ENEL) 

Guaranteed Floating Rate Loan Notes 1980 

In accordance with the provisions of the above Notes, 
Bankers Trust Company, as Fiscal Agent therefor, has 
established the Rate -of Interest on such Notes for the 
semiannual period ending November 30. 1978 as nine and 
one-quarter percent C9li> per annum. Interest due on such 
date will be payable upon surrender of Coupon No. 17. 

DATED: June 2, 197S 


Fiscal Agent 

This AUvcrtisCRiCDl compktj with the reqiureaieaL; of litt Causa) Of 3"he Stock Eichcsjc in London 

National Westminster Bank 


U.S. $75,000,000 9% “B" Capital Bonds 1986 


U.S. $150,000,000 Floating Rate Capital Notes 1990 

1K m. i 



County Bank * 


Credit Suisse White Weld 


Banque Nationale de Paris 

; VY iute Weld Orion Bank 

hed Limited 

Banque de Paris et des Pays-Bas 

;| Slm ( 

Banquc Populairc Suisse 

b.A. Luxembourg 

Giro/entralc und Bank der Osterreichischen Sparkassen 

A kiie ngcscllschuft 

Societv Genera Ic dc Banque S.A. 

Swiss Bank Corporation (Overseas) 


I nion Bank of Switzerland (Securities) 


Wcstdeutsdic JLandcsbank Girozentraie 

The Dond> and the Notes of U.S.S1.0U0 each consULuting the above issues ha\c been admitted to- the 
Oliiciitl Lis .1 of The Stock Exchange in London. The issue price is in each case 100 per cent. Interest on. 
ihe Bonds is payable annually on J5lh June; the first such payment will be due on 1 5th June; 1979 
Interest on the Notes is payable semi-annually in arrears in June and December, it being expected that 
the first such payment w ill be due on 21 st December, 1978. ^ 

Particulars of the Bonds and Notes are available from Extel Statistical Services Limited and mavbc 
obtained during normal business hours on any weekday (Saturdays, bank and public holidays eranfAtt 
u p to and including 1 6th J unc, J 978 from 0 

County Bank Limited, 
1 1 Old lire, id Street. 
London. !-.C2\ IBB. 

Strauss. Turn bid / & Co., 
.» Moorgate Place. 
London. CC2R6HR. 

Ca/cnovc & Co.. 

1 - Tokcnhousc S'ard, 
London. LC2R 7AN. 

-nd June, 1978 





V,. L 

• 1 




Times Friday June 2 197S 


0 s < 


^ |n oirrent year 

** ft 
n ^l u? 



v-v 4*s!?* 

]?r «*Si 
■ " n «£. 
! ne ^rm,2 

"^a* fcj 


' '* K, -«C. li„ 

L'S-^Som . p. 

r °; !o * : "? % 
o:»^j'?nT di J? 

athexs. ‘ ^ 

»#cd Uiu:;,.. 

?<' Sv« hryi^T 
i:i an auiV 

*=- oitcr ^ 

* “’ Ft 

Di'l So .jjr. 

i ‘=- ‘J r 'ven ,* 
: ;* r - :a!nff 

* L>f c '.i-j!s»r 
n*. Oi ir.a-j K 


DEHAG, ■ tha .West German 
_. . “^chine tool, process plant and 
.*• MegW Jcal engineering gronp 
c^qutoqDefl by. MannesmSm, 
~ that orders for 

i-xn&ffmftve months of 1878 were 

^■SSPSii?! J* r c6rct iower at 
afvBW 87flnr (9435m). 

-Herr. Otto Blank, the 
•-.■xfltalnwuo. stressed that the figure 
. -reflected, only contracts that had 
Jolly, completed, and said 
If -those still under negotia- 
^jtionrhut Already, agreed in prin- 
.were ta be included, the 
, rr -toWtt-otald be increased by at 
3 ^lefU3tDM 200m, . . 

* I : T y' E 5 r S>? && as . a wbol*. said 
^Ilerr JBIank, - the ■ company is 
» ^5®*“*?* 311 increase In orders 
ot 10*1? per cent, with particular 
emphasis , on those from oil pro- 

BONN, Jane 1. 

dncing countries and from the 
socialist bloc. In addition — as 
Manii&smann itself has already 
reported— Demag is expecting a 
continued brisk demand for its 
"off-the-shelf" product lines. 

Last year, improved operating 
results in this area, coupled with 
other factors, helped Demag to 
raise its profitability appreciably. 
Aftertax profits were np from 
LM 11m to DM 28m ($13m) on a 
turnover that rose from DM 2.1bn 
-to DM 2L3bn ($l.lbn) a develop- 
ment that represented an 
increase in the rate of return 
from 0.5 per cent to L2 per cent 

Of this sum, said Herr Blank, 
DM 24m was being paid to the 
parent Demag is to change its 
name to Mannesmann-Demag on 
January L 

• ;Salnt Gobain forecast 

financial staff 

>•- ANOTHER; .’disappointing per- 
formance for the home operations 
was . forecast yesterday by Saint 
- Gobain ..'-Pont a _ Moussom the 
|-i largest, private industrial entity 
j yih -France. -V •*• 

■ -Speaking 'at the annual meet- 
ing In Paris, M. Roger Martin, 
chairman, said he expected the 
r French companies to trade dis- 
appointingly m 1878 but that the 
“ overseas . operations — which last 
year accounted for. just over half 
t ' cf total sales— would produce 
another satisfacto ry performance. 
* Spectfft inention v?ps made of the 
;•’: U.SL,~ Germany,. Spain and Brazil. 

- M. Martin wo til d make no pre- 
" cise- refefence to. profits at the 
T- glass and packaging iproup. He 
f" was able to ‘cbnflnn, however, 
--- that salts - in L978. would rise by 
r around 10 .per cent to -FFr 35bn, 
■'* ? .or $770in ' . - 

7 ' Last year net income "rose to 
FFr 642m from FFr 47Uh; This 
T.'ihcrease. of more than! ~k ‘third 

represented a partial recovery 
for the group: in 1974 earnings 
topped FFr 700m. French com- 
panies accounted for just 6 per 
cent of profits last year whereas 
the U1S: and Germany ^contri- 
buted 20 per cent and 17 per cent 

In 1977 the group increased its 
capital spending by almost a fifth 
to FFr 2.5b n. Shareholders at 
the meeting were told that invest- 
ment in 1978 would probably rise 
at a faster -rate. . 

•k .* 

PROFITS at Le Materiel Tele- 
phonique SA-LMT should grow 
at least as fast as sales this year, 
M. Jean -Pierre Bouyssonnie, 
chairman. ..told analysts in Paris. 
Reuter adds. Sales are expected 
to grow by between 1 2 and 13 
per cent on a comparable basis. 
LMT -made a net profit of 
FFr 83.37m ($l&2ra) in 1977 
against FFr 60.14m on net sales 
FFr 1.77bn. 

Brown Boveri sales rise 

. BY jOHN WICKS :•= ,-i^y ZURICH, June L 

■. SWI§SrBASED eng£n«rfBg ctai-^v Most of the foreseen “quite 
cern. Brown Boveri ;jitxpects'-hlgh ” targets Shad been under- 
s higher ^roup turHOver' and order sbib as a result 'of continued 
'• inflow in 1978 than last year, weak demand and sharp competi- 
t based on end -1977 exchange tkmi He indicated that possible 
s rates. Group sales.' declined .by seasonal shifts ’could change 
i 3 per cent in 1977_to-SwFr B.lSbn this later in the year, 
f <$4^bn).. while., the.; value of .. - ; v.V. . . 

i newt orders rrose ^ per cent to ‘ * 

DESPITE “substantial foreign- 
exchange dAsses," net turnover of 

!■ n >w^ n L J* 1 * Swiss FranJc^ Group rose by 

the prospects' far i.emplojtnent .k : DP r ^irf- um vear to 
not wholly dear, company presi- ** p " g^T M 
• dent Franz Luterbacher said. ■*?!,» »a»*i o™,„ C6 ^frn 
’ He therefore -refrained from jg** £?« JESS-JST^ 

> commenting. .-noiAto .WiftRSJl , SS5SffS2 

ZURICH, June 1. 

i AS 

ating Rat 
s 1984 

whole to SwFr' 845m? ang producers , oi enrome mcxei 

. ,.S 

V expe^ SrisfeinSaleriajd orders : .oi the r wmac t . .w^accounfed 
■it.--. th^^^r^.'He^T-Lut^rij^er^td^'fer^n' nbrf®wigs_ dgnsets^ . _ 

: the. annual meeting that Hgroup -' ~^tfi‘-'fffp Ll P- since the 

Aeutbs for the JJrst-four. J3aonths start oLflua year-ha sheen beaded 

rrr^ -had Seen- air-atooul“ the Bm e-by-Franke^rtdJng AG, booked 

~~ ? -^ TevetS^-w' for the' corresponding' ‘Zroilp' casIFfloW^equal to^.9 per 

period otl977. . .. - Patent of. sales n 1977. 

plans $lbn 

By Our Financial Staff 

PLANS for a substantial capital 
investment programme together 
with some major redundancies, 
were yesterday unveiled by 
Sveoaka Staal AiB, the eeml-etate- 
owned Swedish producer of com- 
mercial steel. 

The company is to spend 
around SKr Sbn (Sl.oSbn) over 
the next ten years but at the 
same time could well reduce its 
workforce by 2,000 to 17,000. 
This amounts to a cutback of 
about an eighth, but the ccnn- 
ffaoy gave no indication of the 
times pan over which the layoffs 
would take place. 

The company, which began 
operations last January, said It 
sees these measures as necessary 
to create a competitive and 
profitable enterprise. 

SSAB includes the former 
iron-mining, transport and com- 
mercial steel production facilities 
of the private firms Graenges 
and Stora Kopparhergs Bergslag 
as weH as the state-owned Norr-i 

bottens Jaemverk steel mill at 
Lulcaa. ! 

The company said it plans to' 
close the Bloetberget and Haaks- 
berg iron mines in central | 
Sweden, shedding 800 jobs. A 
closure date has not yet been 

The survival of mines at 
Dannemora, Risherg. Strassa and 
Graengesberg depends on ore 
sales within Sweden and abroad, 
though 400 jobs are scheduled 
to disappear at the latter mine. 

SSAB said it proposes to 
reduce its Luleaa workforce by 
450, while Kopparhergs’ Dom- 
na rvet facilities will lose 500 but 
Graenges’ Oxeloesund steel works 
will gain 100 jobs. 



THE Burmeister and Wain 
shipbuilding and industrial 
group yesterday announced the 
acquisition of two companies, 
Dannebrog Elektronik and 
Meyco Em be 11 age. a packaging 
company. The combined sales of 
the two companies are some 
DKr 300m ($53m). 

At the same time, Mr. Jan 
Sonde Nielsen, managing 
director and chief shareholder 
in the Burmeister . group, an- 
nounced that his' Family company 
has acquired Do Danske Bom u Id- 
spinner ierne, a cotton spinning 
and textile company. 

Dannebrog has lost money 
over the past couple of years, 
but has a large stock of orders 
in connection with component 
production for the American F16 
jet aircraft. Meyco's net earn- 
ings in-, ,3976-57 were DKr 34m. 
'Tim purchase price of the two 
companies was not revealed, but 
reports here say it was between 
DKr tem and DKr 100m. • 
TheNacquisitioris continue the 
policy >jf diversification which 
has been pursued by Jan Bonde 
Nielsen Since he took over the 
Burmeister group in 4974. 


A sigh of relief from the hanking system ^ 


not the only ones breathing 
easier following the German 
supreme court's exoneration, 
earlier this week, of the central 
bank’s handling of the collapse 
of the Herstatt Bank. One of 
the key issues in the case— 
whether three German 
‘’universal” banks should have 
had advance knowledge of 
Herstatfs impending closure — 
had major implications for the 
role of German banks as a sort 
of financial safety net for German 
industry. German banks have 
often used their rather 
privileged position to mount 
discreetly assembled rescue 
operations for failing German 

When Herstatt, a small 
Cologne-based private bank, first 
got into trouble in mid-June, 
1974, there was no reason to 
suspect that the affair would end 
with a number of its senior staff 
on trial, for fraud and the 
Bundesbank sued in the courts 
by Hill Samuel, the Britisb mer- 
chant bankers, and Merck. Finck 
and Co., one of Frankfurt's lead- 
inc private banks. 

Herstatt was merely small fry, 
with assets of DM 2.075 bn 
($1.04bn) and 31 branches. 
Admittedly, it was ambitious. It 
bad a Luxembourg subsidiary, a 
representative office in London 
and was heavily involved in the 
foreigo exchange markets. But 
when it reported that it was 
heavily in debt ss a result of 
soured foreign exchange trans- 
actions, there was no reason for 
the West German banking 
authorities to think that it was 
anything the system could not 

Four day's before the closure 
the Bundesbank drew three of 
West Germany's major bank's 
inlo talks to save the bank. 

Negotiations, however, broke 
down on June 26 with losses of 
over DM Zbn ($500m) and the 
admission that foreign exchange 
transactions which had prompted 
the closure “appeared incorrectly 
in the bank’s books.” 

The closure took the banking 
community— with the exception 
of the banks that had been 
called into rescue talks— by com- 
plete surprise. Indeed, on the 
day it shut its doors, Herstatt 
had been doing business as usual 
in the foreign exchange markets 
and many of its trading partners 
were in the process of clearing 
large spot deals on its account. 
The Frankfurt subsidiary of Hill 
Samuel was one of them. 

Hill Samuel had a S21J>m spot 
deal in the clearing process when 
Herstatt was officially closed. At 
first it seemed as though Hill 
Samuel would get its money back 
as the deal had not been com- 
pleted at the time Herstatt offi- 
cially closed. Then on July 15, 
1974, less than a month after the 
collapse Hill Samuel announced 
that nothing would be forthcom- 
ing,. “What we feel is that 
through the action of the Bundes- 
bank we've be*n caught.” Pro- 
ceedings were instituted against 
the Bundesbank on October 12. 

The Frankfurt civil court 
which heard the action found 
against the Bundesbank and 
awarded Hill Samuel damages of 
DM 10m plus interest and costs. 

Not unnaturally, by the end of 
the original bearing a number of 
banks which had lost money as a 
result of similar dealings were 
following the Hill Samuel case 
with avid interest. If Hill 
Samuel won its suit the way was 
paved for a whole host of other 

The Frankfurt civil court 
severely castigated the Bundes- 
bank for drawing the three major 

banks into an attempt to save 
Herstatt three days before its 
final collapse. This, it said, gave 
them an unfair advantage over 
their competitors when the 
closure finally came. 

According to the civil court, 
the Bundesbank had failed in its 
“ dear legal duty ” to warn banks 
Involved with Herstatt of its 
impending closure. The Bundes- 
bank, it said, knew of the M un- 
fortunate” timing of the with- 
drawal of Herstatt's licence by 
the Federal Banking Supervisory 

the Bundesbank only announced 
the closure of Herstatt at 
3.30 p.m., and formally informed 
Herstatt three-quarters of an 
hour later. 

At appeal, the higher regional 
court agreed with most of the 
lower court's findings. In what 
must be the severest condemna- 
tion of central bank officials 
ever recorded, it said: ‘‘The 
culpable negligence of the 
president of the Bundesbank and 
some Bundesbank directors has 
been held against the Bundes- 

Ah American banker commented: “In an argu- 
ment between the private sector and the system, 
the system always wins— and Hill Samuel should 
have known it.” 

Agency and knew that no 
measures had been taken to pro- 
tect other banks from this. The 
secrecy seemed intolerable 
because several hundred million 
Deutsche-marks were paid into 
Herstatt's accounts on that day, 
a large part being pre-payments 
on foreign exchange deals. 

The court rejected the Bundes- 
bank’s argument that it had only 
a technical function to super- 
vise clearing operations. The 
centra] bank, it said, organised 
the clearing and took part in it 
under banking law as a legal 
participant. Therefore it had 
certain duties to fulfill. 

By 2 pm., at the latest, on 
July 26 the Bundesbank knew 
that the rescue talks had broken 
down and also knew then that 
Herstatt's losses could be as high 
as DM 620 ra. It also knew the 
type of deals that Herstatt had 
been undertaking. However, 

bank in the rejection of its 
appeal against the lower court 

The argument of these courts 
that the Bundesbank had given 
unfair advantage to the three 
big banks involved in the abor- 
tive rescue talks had serious 
implications for the German way 
of providing cash infusions for 
ailing businesses. The banks 
are so central to the German 
corporate sector's finances that 
they often are obliged to put 
together rescue financing. In 
the process they inevitably must 
be put into a privileged position 
vis a vis other creditors. If 
a rescue plan succeeds nobody 
suffers: if it fails it can be 
argued that the banks have had 
unfair forwarning. 

The courts, of course, decide 
on points of law rather than 
resolve philosophical questions 
of which course will yield the 

greater good. Therefore, it was 
particularly fortuitous for the 
German way of doing things that 
the situation was saved by tba 
Federal Supreme Court’s decision 
that all the debate in the lower 
and appeals courts about the 
timing of closure announcements 
was irrelevant. 

The Federal Supreme Court 
took the view that the Bundes- 
bank's duty was to ensure a 
smooth currency clearing system, 
but that it had no responsibility 
to undertake measures anticipat- 
ing decisions to close down a 

There was no obligation on the 
Bundesbank to withdraw Herstatt 
from the foreign-exebange clear- 
ing operations on the day it 
closed. If the Bundesbank had 
removed Herstatt from the clear- 
ing system it would have pro- 
tected some banks in the system 
but disadvantaged others. It 
would have also affected Herstatt 
customers who could still have 
counted on satisfaction from 

If the German banks are now 
breathing more freely, feelings 
in the foreign banking com- 
munity are mixed. If the supreme 
court’s verdict had been predict- 
able. so was the cynicism with 
wbicb it was received. An 
American banker commented: 
“ In an argument between the 
private sector and the system, th>.> 
system always wins — and Hill 
Samuel should have known it.” 

For Hill Samuel the case is 
now closed. Defeat was 
bitter but the overall cost was 
not particularly high. Hill 
Samuel’s net loss oo the ?21.5m 
transaction including legal fees 
and lost interest, amounted to 
$660,000 after tax relief. This was 
provided for in the bank's 
accounts before March 31 last 

Dutch brokers urged to slim operations Spain rules out loan 


MEMBERS OF the Amsterdam 
Stock Exchange must streamline 
their activities in order to 
improve profitability, the Ex- 
change Association said. Wages, 
which form the most important 
cost for member firms, are rising 
faster than turnover on the 
Exchange, it said in its 1977 
annual report. 

Improved profitability is 
needed to guarantee the con- 
tinuity of member .firms which 
depend solely or mainly on com- 
missions oo share transactions, it 
said. This can be achieved by 
streamlining members’ research 
and information departments, 
and by standardising procedures 
for carrying out clients’ orders. 
Average wages rose 7.5 per cent 
in 1977, compared with an in- 
crease, of less than '5 per cent 
In stock exchange turnover. 

The number of member firms 
fell by three to 167 at the end of 
last year, while the number of 
individual members- was 10 
lower at 300. Tb Is decline was 
solely due to, a fall In the num- 
ber of broking firms. 

Government, local authority. 

banks and insurance companies 
continued to dominate the new 
issue market. These funds were 
for the most part passed on to 
businesses which were unable to 
make a direct call on the stock 
exchange either because they 
were too small or because their 
balance sheet or profitability 
excluded them. 

Figures from the Central 
Statistics Office show a 42 per 
cent rise in new public issues to 
FIs 7.0Sbn (S3.I5bn) from 
FIs 4.97 bn. Mortgage and com- 
mercial banks also placed a large 
amount of mortgage and savings 
bonds. Investors took up 
FIs 2.Sbn (S1.24bo) in 1977 com- 
pared with FJs 1.3bn the year 

Demand for fixed interest 
securities in preference to 

.AMSTERDAM, June 1. 

shares continues. The effective 
turnover of these two forms of 
paper was around FIs ISbn each 
in 1977, compared with FIs 12bn 
of shares and FIs 3bn of bonds 
in 1969. 

* * * 
CHEMICALS AND pharmaceu- 
ticals group, Beiersdorf AG 
reports a decline in net profit to 
DM 30.Sm for 1977 from 
DM 39.3m. despite an 11 per 
cent increase in world sales, the 
management board told the 
annual Press conference. The 
primary causes for the lower pro- 
fits were labour and material 

The supervisory board bad pre- 
viously announced that it would 
recommend a 1977 dividend of 
DM 6.50 per share 
AP— Dow Jones. 


SPANISH borrowers continue to 
be active in the medium-term 
market but the possibility of a 
large loan for the Kingdom Is. 
for the time being, ruled out. 
Those in the Ministry of Finance 
in Madrid who have been arguing 
all along that the current level 
of Spain's foreign reserves <s 
sufficient seem to have won the 
day. The figure for reserves, 
which stood at $7bn at the end 
of last March, is expected to in- 
crease following the summer, 
when over 30m tourists are ex- 
pected to visit the country. 

The state telephone company, 
Telefonica, is raising $50m for 
eight years on a spread of } per 
cent throughout, a marked 
improvement in terms on their 
latest loan raised only a few 
weeks ago which boasted a 
spread of | per cent for seven 

This announcaneniappeare as a matter of record only 

iletirica ffi® 

, VicaWS 
«s? V C 

Ayer.: *'ner^ ; 




U.S.$ 90,000,000 

to an 

... (Final Repayment 1988> 

Managed by 

Samuel Montagu & Co. 

- Provided By 

Uoyds Bank International limited 



Citibank N.A. 

any of New York 



National Westminster Bank Gronp 

CrodteNathnial Bank 

. .issefl 



* V " 

dMi** ' : 

, V •••■- 

Midland BankTdmffett 

Samuel Montagu & Co. limited 





US. $30,000,000 

Eurocurrency Loan 

Managed by 

Banque Europeenne de Credit (BEC) Chemical Bank International Limited 
Kredietbank S A Luxembourgeoise National Westminster Bank Limited 

Sumitomo Finance International 

Provided by 

Banco Espanol de Credit© (Banesto) Banque Bruxelles Lambert S A 

Banque Europeenne de Credit (BEQ S A Chemical Bank 

International Westminster Bank Limited Kredietbank S A Luxembourgeoise 

Midland Bank limited The Mitsubishi Trust and Banking Corporation 

The Sanwa Bank Limited The Sumitomo Bank, Limited 

The Sumitomo Trust and Banking Company, Limited Toronto Dominion Bank 

Agent Bank 

Chemical Bank International Limited 

MAY. 1976 

years. There is oo guarantee for 
the new loan, which is being 
arranged by Manufacturers 
Hanover Ltd. 

Meanwhile, Empresa Nacional 
Hidrelectxica del Riba Gorzana is 
raising $30m for eight years on 
a split spread of 1 per cent for 
the first three years rising to 14 
per cent, through a group of 
banks led by Chemical Bank. 

Argentina Is raising $l00m. for 
10 years for Comision Tecnica 
Mixta de Salto Grande, which 
is a joint Urugiiay-Argentina 
project. The loan, which carries 
a sovereign guarantee, carries a 
split spread of 1 per cent for the 
first five years rising to li per 

Hamersley Holdings, of Aus- 
tralia, is understood to be raising 
$150m, but final terms are not 
yet known. 

v, f 

| The Property Market 

A new development phase 

THE Hiiernailonal cycle or 
property activity now seems to 
be moving steadily into a now 
development phase. At the recent 
international property confer- 
ence organised by Jones Lang 
Woollon, and In a major report 
on the world s property markets 
published this week by Richard 
Ellis, two features are common 
to most of the established 
markets: a gradual absorption of 
the over-supply of speculate 
properiv development started in 
the early 1970s. and a sharp 
recovery in property investment 
■values as an ever-growing volume 
of Institutional money chases a 
dwindling supply of suitable 

Both features combine to lay 
Ihe Foundations for another wave 
of development activity, though 
it seems probable that it will he 
a jrigTiifiCfUitlj less powerful 
wive than five years ago because 
of the still fragile sLale of the 
world economy. 


The Richard Ellis report illus- 
trates the impact of increased 
institutional buying pressure on 
prime office yields throughout 
Europe. In Britain, although 
tiigher interest rates might 
Vogicallv have been expected in 
kill the' market r«r a time— and 
funds are now standing hack 
front smaller deals — there is 
growing evidence of the price 
insensitivity of really prime 
Investment properties. 

The agents question the wis- 
dom of some low yield purchases 
in the past I- months. But they 
see sufficient potential rtnt 
growth in retail space. City, but 
not generally provincial offices, 
and in well located warehouse 

schemes t«‘* justify historically 
low- 61 per cent buying yields 
for industrials, and 41 per cent 
for prime shops and central area , 

Buving yields in Britain 
remain the iuwesr in any of the 
developed property markets- or 
the world. But the picture of 
increased investment and letting 
interest, and of little develop- 
ment activity, is common to most 
of the rest of Europe. 

The lead in commercial pro- 
perty investment on the con- 
tinent has been taken by the 
asset hungry Dutch institutions. 
The Dutch funds now huy local 
residential property on yields 
down to 4 per cent nr less, central 
offices and shops down to 6 per 
cent and prime industrial space 
fnr between 71 and S per cent. 
But the shortage of institutional 
grade investments forces the 
funds overseas and they have 
been active buyers of office pro- 
perties in France on prime yields 
nf around S per cent and are now' 
running into increased com- 
petition from local French 
investors who have turned from 
their traditional residential hold- 
ings — selling down to between 
3 and S per cent— to commercial 

Dutch buying is also evident 
in Germany and Belgium, 
where comparative prime office 
vields are now 5j to 6* per 
cent and 7f per cent respectively. 
There is a continuing over-supply 
of office space in Brussels and 
mher Belgium centres — Ellis 
estimates a total of 4.4m sq ft 
nr empty post 1965 buildings in 
Brussels with an annual take-up 
rate of 2.15m sq ft a year — but 
as the letting market moves 
back into balance a five year fall 

in the real value or office invest- 
ments is beginning to stabilise. 

Further afield Eilis echoes 
JLW’s enthusiasm for the Nortn 
American market. But the firm 
does leave a question mark over 
the longer term health of the 
Canadian economy. In the u.s>. 
the lax benefits of property in- 
vestment, the increased weight 
of properly development controls., 
and the growing interest in 
equitv holdings or real estate by 
local ‘institutions add to the basic 
appeal of holdings in an economy 
of such basic strength. 

Buvins pressure in the us - 
has ‘pushed initial yields on 
prime offices and retail centres 
into the 6 tn 7 per cent range, 
and industrial property to 
between 7 and 8! per cent. 



-.'V-v, -V -, . . 

■ . \~W/k 

DiofessiOMt : 

•under discussion- at the^tak. afthe' property industry Deh* 
grass of the 

’nation ale ; de5. ^ ^ 

in Hamburg' tomorrow- • . ^ actMttesr wiui- 

5 "(Jet rent per sq h per annum £ sterling 

4 - 
3 - 


■■ ->.. . 

Source ' Richard E Ilia 

Even the long troubled com- 
mercial property market in 
Australia now seems to be on 
the turn. The oversupply of 
offices in Brisbane. Melbourne. 
Perth and Sydney is at Last 
filling up. And in Adelaide all 
the modem air-conditioned space 
has now been taken up. Ellis 
expects a very sharp rise in 
office rents over the next few 
years and a new development 
phase in two to three years to 
meet the eventual accommodation 
shortage. With an end to the 
over-supplv in sight, and in- 
creased property investment by 
local pension funds and life 
offices, prime office investment 
yields run as low as 7] per cent 
in the central areas and Si per 
cent in the suburbs. Central 
area shops sell down to 8 per 
cent and the increasingly popu- 
lar suburban shopping centres 
change hands for between 9~ 

and 111 per cent. 

In the Far East the shortage 
of development land in Hong 
Kong has, as the chart shows- 
pushed industrial rents to ihc 
highest in the world. And the 
insatiable demand for modern 
accommodation in every sector, 
from residential to retail, has 
already fuelled a renewed de- 
velopment 130001. 

Most new buildings tend to he 
owner occupied or developed for 
investment by Hong I\ong based 
international trading groups. 
But local life offices have begun 
to build up investment portfolios, 
and even the Red Chinese 
Government is understood to 
have been active in the market. 

In Malaysia new office building 
in Kuala Lumpur appears to be 
laying the basis for an acute 
over-supply problem before the 

end of the decade, and Govern- 
ment controls limit the scope for 
external investment in the indus- 
trial market, where rents remain 
finn. Government controls also 
restrict the scope for overseas 
investors industrial and residen- 
tial schemes in Singapore. But 
foreign capital is generally wel- 
comed. and Ellis feels that the 
fas t-a rowing tourist trade will 
spark a period oF new hotel 
building by the turn of the 

The scope for growth in the 
South East Asian properly mar- 
kets is matched by the long 
term potential of South America. 
Ellis reports modern office yields 
nf 12 per cent in Rio de Janeiro 
and 13 per cent in Sao Paulo, 
where recent planning controls 
seem likely to prevent the hap- 
hazard new building that created 

a glut of space in - the early 

High inflation in Brazil and 
hyper-inflation in Argentina ..are 
not. however, particularly appeal- 
ing. and despite the economic 
potential of the mainland mar- 
kets. Ellis sees greater immediate 
scope for the developing property 
market in the politically stable 
and, since the discovery of'oil 
reserves, economically expanding 
islands of Trinidad and Tobago. 


International property markets 
and the problems facing the 
industry around the world as it 
comes to grips with increased 
state intervention and pressure 
for cross border recognition of 

hun^d Vople W 3**^: 

^ch are i S t0 ^rfa^£» 

gathering of the property woritL 

-Cridcs of the Congress. 
there are _plenty wtOm- the 
FIABCI membership, have 
In the past that the annual meet- 
ing has been little more than 
a property junket. , p ^® vl i ° u * qHc 
grosses, have been held iJ e S 
venues with many of the auoi 
cnee made up-of mcitfbero «aves 
enjoying a tax free holiday. 

Leading member countries, « 
national chapters as they are 
termed within the organisation, 
have' been painfully aware of 
part Krises- 
and at last year’s J 

Amsterdam the range and, depth 
of congress discussions [heaped to 
weed out the ^ holidaymakers 
from the active delegates*. 


At this year's Congress one of 
the main discussion papers .wiu. 
be given by the ^auadian 
planner Dr. Stanley Hanullon. 
who is to deal with the I* 0 .™? 
problem of .“Our l^d-the 
question of alien ownership.' 

As the conference is being 
held in Germany local financial 
and business speakers are 
heavily represented. But, on the 
increasingly sensitive area of 
environmental protection, dele- 
gates will be addressed by 
Baroness Jackson of Looworut, 
formerly Barbara Ward the 
President of the International 
Institute for Environment and 
Development in London. 

A debate on the increasing 
degree of Government interven- 
tion in property markets is also 
on the agenda. 

Nbrth American delegates are 
trying to force the congress to 
take a tougher line in fighting 
State intervention- Unlike 
Britain. North America is only 
now beginning to experience the 

activities' platoiHigp*inHon». 
mental andf sh t coptrtrt^v - 

FAIBGl . will ' alsb- beT Tt'Bat y 
great - .pressure 

hard Joafr at-its qbiec toigs^ foieh - 
have - changed -■ littl e stiK&Ttha 
organisation. >v ^ : 
years ago-. The tforth Amegfcaw 

aro'cttWag.'for a - rest atem ent 

those: objeeflves toa-wajftaj^se* 

FIABCI' put 

the promotion -oE 

■cauise. ■ - >‘v’ 1 ’ 

: As - i: a " intenurti {£Qai5--^4>a3y ' 
FIABCI :canriot 
representation . 74b;L':- “national- 
governments; that -is ■ left Ittfctt® - 
individual ^hal|onaJ- chaptaabki-In 
Britain.. ' for " ;exai»^e;-i^tbe 
national chapter fs«p onsoro&by 
the Royal 

tered Surveyors -add ahy ■Tabby- 
ing or GovernmeatThero is.ttroe 
through the instttutito? 
ever - ETABCr- 'Ciw;-^H^?fw»:i 
operate on -an i n ternaB 
ensuring that rreprefie^g^Tc. 
made at 'wo rid : orgaafea^MBWwh- 
as the United Nations ^- ,■ - 
Some :mepsbere 

certain .areas :EEAiBCfgh ay-^ge B 
ineffectual : i>gjth -as : ^ 
group? ■Jnj'd a-T-prrawfcw.TrfNPSrae-.: 
industry^ views. .Me ^ 
exception -to 4ihis>3Kt3j&pea^«r; 
work of foEmbr^fABQf 
dent Pip- Holmes- who- iaa>s»«rt 
the . past year: 

UN. But sections of.Tne metalfft - 
chi p ^re critical of'tbb wifti-djnte . 
by FIABCI at j 

national bodies whetethtMOEE^, 
Eation has- been jrttle '= 
The 115 strong 
tkm ds less concerned. 
intervention than - th^;'.j7^th 
Americans, and Ihe deieepes 
will again be -;i)rea»ng.^far 
FIABCI . directions .4)0? g^ea^ar 
uniforinity of . . proiessi^tei 

• Property Deals'^ppev&ei^ . 

' Page 36 ; * *;* Xti • 




• • - ■ 

W- y -y \ ’ i ■- •• 

» '* r" y * 

mZ’i'f' :■ ' 

Ir'tXi '\:t'*** T '- n ■ i 

[1-i 1 

°5f. l-r; 


T>. •' * 

. - V # 

■’ ; t 

U * *••• 

The Inter-City Building 


83.990sq.ft. Prestige office 
developmentto let Air-conditioning. 
Fully carpeted. 4 lifts. Car parking. 
Joint Agent: Lalonde Bros & Paffiam 

Contact Braton Street Offle* 

London House 

London E c3 

62,000 sq.ft of air-conditioned 
offices to let 

Prestige entrance hall. 4 automatic 
passenger lifts. Basement car 

Contact CorehOI Offlca 

' ■ '■ ' - 1 - . inn 

; . r - 
- - : ,, 

. ■ •• 

107 Cheapside 

& 2 HoneyLane 


1 ia 000 sq.ftof 

superb office 
to let 

Contact Com MB Offlca 




aminiUH wiits. 

In town-centre location, 30.000 sq.ft 
prestige, air-conditioned office 
accommodation to let 
48 car parking spaces. 

Joint Agent: J.P. Slurge & Sons 
Contact Bruton Straot Offle* 

105/109 Cannon Street. EC4. 

New self-contained air- 
conditioned luxury office 
accommodation, 13, 310sq.ft. to let 

Contact Comhill Offlca 

0 ■ * ' 


- r ' 

m2: ■ 

ij,:. ••..; 
. : i‘ " 


..'if. ‘ *i '!i* XJ Vj& jk ', • ■ 

Merton Industrial Park 

London SW19 

A major new factory and warehouse 
development of 300.000 sq.ft, to let 

Joint Agent: Michael Laurie & Partners 

Essex House 

Gants Hill 

54,660 sq.ft modem headquarters 
office building to be let. 

Adjacent to underground station. 
Parking forllO cars. 

Joint Agent: HillferParker May & Howden 

New prestige air-conditioned office 
building in floors from 5,909 sq.ft to 
23,636 sq.ft to let 
4 passenger lifts. Prestige entrance 

Join t Agent: Hampton & Son* 

Contact BrutonStrasi Offlca 

Contact ComMIt Office 

Templeton Street 


On the instructions of British 
Carpets Limited. A multi-purpose 
industrial/commercial complex of 
387,000 sq.ft approx, on site 
of 4.11 acres approx, forsaie 

Contact OUtgow Offlca 

90 St Vincent Street 

Contact Breton Stwat Offlca 


A development by Commercial 
Union Properties Ltd. of high-quality 
extensively refurbished offices in 
the finest city-centre location. 

5,000 sq.ft to 25.000 sq.ft on five 
remaining floors to let 
immediately available. 

Contact Glasgow Offlca 

Midmark. BroadwickStreet 

London wi 

53 52,000 sq.ft. High-quality air- 

' ' conditioned office accommodation 

to let Car parking in basement 

Contact Breton Stnct Offlca 

' 64 'Comhiil, London EC3V 3PS . G^O^Brulon Street, London ^/lX8DU '- ; -;',v.75WopeStreol;.G | ^ ; 30'.y.G26A'j'- 
TeliphonG'Cf-283 3090 '-.;U \ ' "Telephone:: Crt-499 : 7T51 -'-v'.' ' .V.'. -'t''. Tei ephone: p^i - -204 1931' \ v 

.Telex: 867732 

-Telex: 262498 - 

- Telex: 778647 - : 

..Srjssels.’fnrfs.^sr'jrdam, J/aaria.joriarinfssturs. Cap-fl To^n; Sufber, W^rbu'r:s'.' 44 'aj i a! 4 ?.;Sya“.sy.P 54 q-^'isT»r 4 ,CHi'ceG?'.-."' - 

e- : i- -. „ v -- / * 

: i*' 


- f % Ij, 

--•m* t ^ 

■ l 2- 

-ltS 4 r- 

>k.. - 

Z?U * 

, - 1* 



‘ ,-c 

L * 


I'*.- 'T ■ 

- Times :Fri(fay June 2 I97S 

K) for Industry 

tjfPj)) tj* 


Units shortly to be constructed 


Single Storey Factory Units 
5.000-25 .0C0 sq. (t. 





. Warehouse under construction 
24,000 sq - . ft. 



Last remaining Unit 15.474 sq. ft. 

Good yard and parking 


factory Lease for sale 
4,500 sq. Ft. 

Nominal premium 


Two Storey Factory 
9.600 sq. ft. 



Modern Freehold Factory 
22.300 sq. ft. 



Factory Premises 
9 .320 sq. ft. 



Chartered Surveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 685485 
Manchester, Leeds and Brussels 

To let 

Buckingham Street WC2 6,000 sq.ft. 

Hill Street W1 .. .whole building 

High Holborn WC2...self-contained building 

Pall Mall SW1 prestige building 

Westminster SW1 750 sq.ft 

Furnished suites Central London 

Clients' requirements 

Covent Garden WC2 -freehold 

Central London - 30,000 sq.ft 

West End 2,000/2,500 sq.ft 

Mayfair W1 .1,300 sq.ft. 


(Junction I-M3) 


160,000 sq.ft approx, 
on 7*25 acres 


Collier & Madge 

5, St. Bride Street, London, EC4A 4DE 

TEL: 01-353 9161 

Modern well fitted offices 

8,670 sq.ft, 
to 17,340 sq.ft. 

To Let with Early 

At attractive rental terms 
Private car parking. 
Fitted lighting & carpeting 
Flexibility for internal 

Sole letting Agents: 


'V'v <- 


103 Mount Street 
London W1Y6AS. 
Tel: 01-493 6040. 
Telex: 23858. 



26 King Street 
London W.C.2. 


mmmjiiAh warehoi jse premises 


’i: A new development constructed behind 
’£■ original mid Victorian renaissance style 
elevation in the heart of fashionable 
•; j Govern Garden with excellent communications 
lo the City and West End. 

• •* # *.-«'*j" -v-v* *■• r 

... • • • • •*/ V ■ •• . *• * ■ 

-5 . 

I Prestige Office Building 

| To Let 

-H approx. 10,S00 sq. ft. 

with modem amenities 

g&*, - 

^ - ■ m : ■ ■ — — m «cmn 

•«" . , „ w . ai ,. v 


-V " 

... ':.v. 

PEPPER flNGLISS l£— C. \ 1 '*••*“* 

& YARW00D 


TsTTt . 

■■ ■ 


Superb Air-conditioned offices 300,000 sq. ft. 
Can be phased. Principals or Surveyors with 
. nam ed clients only. 

Write Box T4896, Financial Times, 10, Cannon 
Street, EC4P4BY. 

Opl Phillip J. 

PM Sinclair & Company 

Radnor House. 93 Regent Street; T n , - 7 * 0-4 
London W1R7TE Telephone: Ul“/ O# /lOl 


01 930107 

Estate House. 130 Jermyn Street London SWi Y 4UL 

1 J 

■ r A Y 7 A 


rv In 


1 Estat 


' i iSSsaS£fii 

" : A superb situation between Wolverhampton (3 miles) and M6 Junction 
-•■' ’v:-. > .10 (3 miles) the heart of the industrial West Midlands. 

e#*: Joint Lening Agents: 

^■‘‘tasssr" gsrsbf imm 

. ' Bancroft House. Patsmuier Square. 5? Bum Lane 

: L1V: .’ ■; i««toii£C4P4fr LondL£C4M9Er ' 5SCtia P elAsh. Wolverhampton 

- - r.f-ftt.Trfi 1520 .• . Tel “Sl-SlB 7954 Tcf. VYofveriampion Z576C 





it 2 Automatic Passenger Lifts Boardroom 

Full Central Heating Entrance Vestibule 

ie 44 Car Parking Spaces Efficient Layout 

Staff Restaurant 

Excellent Natural Light it 

20,000 sq.ft.To Let 



[!■*/;- -»-.■•••'• - • '■ •■•J'.W-rViT- £>£3'& , 'Sz& 

A development by the Sohox Investments Group of Companies 
in conjunction with Guardian Royal Exchange Assurance Group. 

New air conditioned 

Approx 25,000 sq ft 

Triton House 

Tabernacle Street, London 

Situated immediately north of Finsbury Square, 
a new development providing air conditioned 
offices on first, second and third floors 
with ground floor reception hall, basement 
storage and parking for eight cars. 

_/• - -V;V. ■; ' 

Chartered Surveyors • .3. • v- 

-^Bancroft-House Paternoster Square . .. ' 

Ldndon EC^P^ET- •• 

01 -236 1520 Telex 833 749 

n*"' -y ■ " '■ 

Brussels Hamburg Bahrain Dubai Toronto New York Sydney 

From tea - - fete whieh . pai 

r a portfolio “jOf 

to property 


Simiey Investment- 
Another target foirbi(3nrmMB» 
this week— wiritSh . 
a portfolio ‘‘fit ^3J©t^®GS yfiins- 
-sbops and offices Tramagicg /fo 
Legal .: and General. •: » It urea 
bought;, tfie 135,600 SJ ft Maple 





together with approval in principle to smell Shopping Parade, Public House & Marina 

42 Lots of Commercial Investments: 


For Sale by Auction 

21st June 1978 at Ham & 2.30pm 


Grosvenor Flouse Ballroom, Park Lane, London W1 

Auctioneers - 


w 'W chartered Surveyors 

103 Mount Street London W1Y 6AS. Telephone 01-493 6040. Telex 23858. 

•D^ ve 1 pope n r . Corse ra t ieri 


11 & 14 MOORFIELDS E.C.2. 

Prime Airconditioned Banking /Office Suites 




Refurbished Office Accommodation 
€7 per jq. ft. — 2,613 sq. ft. — 5,368 sq. ft. 
Lilts Kitchenotces Central Heating 
Carpets 24 Hour Access * Partitioned 

r,'L ■*'*»*• ~+- rl .'i 

I jo * f 7 / 

I 5 ' -f ~ Srr«i / I 

i f . J t p\P on g f 

A I // i 

k C_j >k 

pjnlL nl bT*rfl" '■ I'"' • t 

V ' ... ■ .. ! • ■ SI'lK Fa'JurKM f 

\ ' -- / fr ' / 

No 14 1st FLOOR 4045SQ.FT. 
2nd FLOOR 8865 SQ.FT, 
12910 SQ.FT. 
Noll 5th FLOOR 5470 SQ.FT 


St Qsfe ap-as£ 



QiirKrcrf Surveyors £ Property 

Consultant. 5. St. Bride Street, 
London, EC-1 A 4DE Tel: 01-353 9161 

Farebrother Ellis & Co, 

Chartered Surveyor! 

19. Fleet Street. London EG4Y I AC. 
Tel: 01-353 “»34* 


7 well located 


Fitted as Food Stores 

Available as a package 
or separately 

EDWARDSYMMONS Tel.Oi -834 8454 




MENT. blame who rou like; 

*'T, T ’ - • 

A L , v A . - a 





• ‘hiinwil Sun r>ur> 

Vinter House Owen Si Plan? London EC4.Ttf-cn-i'3t. 4W0 

^nealeySO aker 

| JpR' H9 G-l Si w . tC-'f: 1 AR 01-62S «&1 

•isiTctaTto mu:c; pains, Buussur. iv'naM.u * jspsey 


Sund now for vour 
brochure to: 

The Industrial Adviser, 

Thamesdoun Borough CounaJ, 

Swindon SN1 21H 
Tel: 0793 26161. Telex 44S33 


Has incentives nogovemmentcan offer. 


(Frapmr CMutanu to tin* 
Leiuire liMfuacryJ 


IbI : (0273) 722795. 

mam focus of attention m toe Mapte House . vehicle. _ (Nelftar 
S^^Marke; at the moment But ^ S}Am . whicft 
at tl» other end ^of the ^ a ® .j ng holdings, have 
considerable for the <tea3? ivhw* seem tfli havb 

generated by events aonm, been funded by a .bank kwn, 
a former tea company wnica iast fj-no institutional 

year acquired a fifth stake ni a obviously the ; portfolios. 
property, portfolio worth £36m at very heavily gearea tmei Wef htSl 
cost- ... .... provide .’abeftyassetbackiii^fftr 

The company, writes Chriatme Kosehaugh CMApIe Kmse^ 'alonp;. 
Mair, is Rosebaugh. 3t is jost a t rost, is wOrth over JES ^ sbare 
under SO per cent owned by tax tQ jjj.. Bradman ancHRosehan^C#. 
expert Godfrey Bradman whose ot j, er sharehoWeas) ' ’andJ 
main vehicle is the private deals are thought already tatb&e; 
London bank London Merca n tile generated ■ SJeeahlei' isijrpfasfc' 
Corporation, which is itself a Maple House is now fuitywtmai' 
property developer with a 6.7- a proportion , (ttwgb' .bow ranch 
acre industrial site i/J Croydon, has not been disclosed} of tfia?' 

On Tuesday Rosebaugh asked fiats portfolio has DMm ‘sdltt St 1 
for its shares to be suspended a profit No wonder Rosehaugbs' 
while it revalued its unquoted, shares have ..soaraL-fromf ^Sp- 
in vestments, a move which may early last year to 182p jpst poor? 
take a month to complete. ' to suspension. 

-According to the Board the if -gji this activity T^e Dot- 
revaluation is likely to affect the enough - for- one: , jnpnh in. the 
company's future, a statement market- there 1 is also . ^_the : txef. 
generally thought to mean that that another property ^edn^weny^ 
it will become rather .more Cbaddesley Investments, has hid 
openly a property company shares suspended.' anee. eatfy 
rather than an investment group May awaitinE'the outcoTffe of . 
with residual tea connections- as talks. ChaddesTeyisAT^per cenr. r 
at 'present ' owned -by the FrePchgroup^Cogi- 

Rosebaugh’s character changed pagnie ■ Auxuiarie . ; pour . 

dramatically in mid 1977 when l’lndustrie One o£ its ^mrectoy^. 
it became a partner in a con- Mr, K. J. Wade, is thai 3 spah, J ’«;. 
sortium beaded by Bernard .Rosehaugfa- - .' ^ 

\ 4 

I r| il-: 

■■ '* ^ 

Offices in the London Central 
YMCA development in Great 
Russell Street at the Oxford 
Street end of Tottenham Court 
Road have been taken by the 
North American broadcasting 
organisation NBC for £7.70 a* 
sq ft NBC will use 8.000 

sq.ft of the space. .as its 
European headquarters, leav- 
ing 5,355- sq ft in the histel 
and conference centra block 
for Joint letting agents Reben- 
ham Tew son and Chnmochs, 
and Jones Lang Wootton to 
market. Gross Fine Kreiger 
Chalfeu acted for NBC. 


, (justcif) 



Frontage 137ft. 6 ins. 

Depth 115 ft. 0 ins. 

Approx. 2^000 sq.ft. 

Including customers car park/ • 

loading bay ; 


£ 62,000 


By Order of the Joint Liquidators 




* n P° s ‘^ on close to sea front and theatres! 

98 Bedrooms. 26 Bathrooms. Two Flats. 
Lounges. Dining Room and Auxiliary- Rooms.: 

For Full Details 
Apply Joint Sole Agents 

Sttes Horton Ledger I 

18, Giidredgc Read, 
Eastbourne 36244 

58, Grosvenor Street, 
London WJX ODD 
01-629 8151 


1st Floor Offices 6.067 sn. ft. 

2nd Floor Offices 3,667 to fr 

• r* e fo . r *‘* an d bus stations 

* Parlefng V,CeS Ceniral bwtinj 
Attractive rental terms 
Available as a whole or in part 

• lOitrt talc letting agents’ 


3, OwrHan Place. 

Tel. 0205 SIAJJ 

?l Smith- Woolley i 
& Perry 

Oharterad Sonrjw. 

43, Castle HOT Awm 
fouqstone. Kmr 

. Tel. 0303 57191 

Friday' June 2 1978 



..... -• 

•- •• - . V 
■r • • .* r, 

- • > S *.*/•; 

... - 


•ft - 1 Di.j 





fpjffie troubles impact on 
popper ‘underestimated’ 



ip^t&asp I >'rato-d S A- e rh,I‘ e, .tf unceruinties wn- <lie stability dealers had espeeted a 70 pur 

,rtf °h£7- 


p?! ? 

’ an * ™ 


fuiiv r-\ 


in IjOndwr vesterdav rw *Y,„ T.vT . . auaiers naq expected 

iSSHdOD- HeteJ ' Evehanel 1 d0l i ar ? ad f ^ ed dealers « nt cut in shipments. 

the ^acl Sn £JS" a1br#Bk 10 d ‘ sest 3,1 lhc M *h* Webster writes Trom 

world;, copper. ' supplies of th* ai th« .i n « .r .u Nairobi: A mining udiciul al 

recent tii'rmoft in Zaire Londnn P Aiftj-fi 0 ?k lhc <JuciiUlines * n Kulwezi 514,11 coppcr 

* JUT- was voiced Ui a report “2jL£ Keh ?fW f l , hrw production had already started 

from^CommbdiUes ItesearchUnU £i?| a lonuhrt rwS cLsh agal ” w Induction *" uld J* at 

which- said: “Failure to aitrapr it™ ,7. ,h £ 7 TT“2' w L 1 MOund 30 Per cent, he said, and 

atmetfwkei* a r ?„ ttaSS .SdtfSiadSJS firnu ^ md r “" *™W n cm 'S bc “ clJieved 
threatens to deprive Zaire. nr Sjc-fSJ . ;t» aowxl 8 . 3QU ln around six months. 

6^3300,000 tonnes of copper An ’ p-, r . v resi)ec . lveI - v - But others believe these figures 
pY^ductioii in a full vear eouiva- rarl det-line . Jn copper t 0 be over-optimistic. They point 

ISqt to nearly- 5 per ’cent of fu e * c h a nse was out that the 600 European 

-Current world output slowed dunng the morning when workers who left Kulwozi when 

price of 'good aualitv ^ Zairean state rebels attacked from Angola. 

me«if'-iuiM k* tradin & organisation announced occupied important positions. 

s --. ig£ 

■tmiH v,<k V. miuiis urbanisation anno 

Iiw5« “? wel1 formally that from July 

ieve^Jt coni JJSSSSf* .JSS 3? »% M No “ S ’ ™ 

^ieadinr trader remarked MiT/ulfi? gT* «*“ 

•tSSir»if?1? t « WaB '- a ?? ,C L hat A P6a of Jurve maieHTC "P en 'Ca* mining, 
reacrinp^ +h!?^+ £f„ under ' because of the recent fighting. • Major U.S. copper producers 
y trans- damage at the Kolwezi mines and yesterday raised their prices by 
mOTkre* ” ■° n ' m c °P per the absence of senior engineering 3 cents a pound. Copper alloy 

i!y '•''ere *. 
monh la J 


sc since ew! 
lUUOmeoii u 
ltJ - 

f;?- . 1% 

• ■' ^reti u 
•' ‘•Winaia, 

Bad start 
for Soviet 
grain crops 

-*w.» h.t ,™«. L . stalT— 'mosay white — had been producers in Cunada. the U.S. anil 

a j* several largely discounted before yester- Japan also increased their prices 
nectic.days tradmg and renewed day* announcement. But some by a similar amount. 

French lamb defence rejected 


NZ budget attack 

'•pace v ? 
quariPfv Iff 
in ihr hw 
• ernm Ws 
awcr.i' D«; 
ind ChuiMi 

for NEC. 



■BRUSSELS. June 1. 

THE - EUROPEAN Commission when, acting on complaints from pectcd to he delivered to the 
has rejected. French arguments the British, it gave France one British shortly, 
deferiding -its restrictions on im- raonl h to justify its system of The Comm is^on. having failed 
porting British lamb and mutton, variable import taxes used to to get us proposals for a Corn- 
arid mmr ref pt ihi> matinr tn .h. bloc , k the . lower-priced British munity shecpmeal regime 
EuraSSn- o24 producls - ' accepted during the farm price 

this vear if the French C dn ld «ftf A siuii!ar i' 5 pending ltv, ‘ ew last month, is keen to 

back own " "* nch do ” ot against Britain over import con- push them through before the 
^ • v trols on potatoes, following com- starl of the 1979-SO marketing 

The Commission's’ action con sti- plaints froui. .the Dutch, and the year, 
lutes the. second stage- of legal Commission's . “reasoned An early ruling against the 

proceedings begun in. February opinion ““on- the matter is ex- French would, it is suggested. 

increase pressure on them io 

So far they have been reluctant 
to do so. Having rejected the 
Commission’s proposals as 

-BY OUR OWN CORRESPONDENT WELLINGTON, June 1. “ objectionable." they insisted on 

• a political -discussion, now 

NEjy.’ZEJAIA ND farmers are to the price of lainb in. Britain and scheduled for the farm council 
be"^e^d.^bunrer the effects of 'cause- -<r decline in consumption, meeting in Luxembourg later ibis 
th£ ^islrous, summer drought “ This could effectively destroy m ° alh - 

anfli^^ jgdijblents pf selling their the :N»‘w Zealand. trade built up French claim that the 

p rc^qe; t ;«Qffoad wifh ' special over generations. ;A 30 per cent British, who have access to vast 
GofeatjE^OTtT-'. subsidies. Mi. .price increase would price lamb quantities of New Zealand lamb 
Rcdibrfc'fijiifaobiTj Prime Minister, out of the reach of. the British for their domestic market, are in 
eaiff: in ; his^Budget speech here housewife. • a position to dood the French 

tod3y,"-M r ;. r . V . ^We have no" alternative maT- markel with t!/e lower-priced UK 

AsS^&nMhg- ; ; “ ^applementa ry ket 'for ; 200,000 bonnes of this product. 
mij^aa£&E,-pgynients ” to' give hisKLv specialised prpducL” Consetiuently. they have been 

ffurmei^:^ reasoriabie^' return. JBo\h Mr. Catlagbin. the UK imposing levies equal to almost 
Mt r “3i&fl<i^H^.r.sirigled. put the Prime" Minister, ; and Mrs. half lhe British price to raise 
E^.’Snd^Wert' as -countries pay- Thatcher, leader, of the Opposi- prices to French levels. 
in^di^^Sp^emce^ 'to 'the need tioti. *h?d assured Mr. Muldonn The French also periodically 
tn .reduce protectionism in farm that lihey understood the suspend UK imports altogether, 
markets!! . seriousifess of the threat and Almost half of British sheep- 

"The --EEC sheepmeat pto- wpnrd take action.- meat exports to (he EEC go io 

posahrrepresents a far greater New Zealand’s past experi- France. Last year France took 
danger td^^'e^HNewLc. Zealand, ence with . EEC„ regulations was 19.300 tonnes, 
economy than bnythins we have far from reassuring. .Mr. Muldoon But the UK did not take action 
faced, in the field of dairy pro- ••nmnientprf.' ■: until' earlier this year, when the 

darts.’’ he. said. - , • Mr. Brian Talboys. - the New French agreed to waive all 
“ Chir lJlv lamh- trade i^, vital Zealand Deouty Rrime-Minicter restrictions on Irish imports— 
to mtr whole industry. The .pro^ and Minister fnr Overseas Trade. 1.300 tonnes in l»7i— in return 
posals ai! present being con- will nay a further visit to Europo for Ireland dropping charges 
siderea"WnT~JnevftabT # v’Tricrease *taYtrng~Tfi'Lbhabn'-o'n-.Tunb- 1 0. ~ pending in the -Court of Justice. 

MOSCOW. June 1. 
THE SOVIET UNION has almost 
completed sowing grain and 
other spring crops but farmers 
are having to contend with bad 
weather, according to Pravda, 
the Communist Parly daily- 
reports Reuier. 

Weeds, pests and crop diseases 
were said to he developing in 
some areas and farmers were 
concentrating un looking after 
what had ben sown. 

The paper said 137.3m hec- 
tares, representing 93 per cent 
or the planned spring crop area, 
was sown by fast Monday. 

This compares with 144.7m 
hectares by May 30 last year. 

In Washington, meanwhile. 
Mr. Bob Bergland. U.S. Agri- 
culture Secretary, said for the 
U.S. Io use the U.S. -USSR grain 
supply agreement leverage 
against the Soviet Union in pro- 
test at that country’s military 
activity in Africa would have no 

The USSR bad to be dealt with 
on a one-on-one basis. 

Mr. Bergland. who has just 
completed a three-week tour oF; 
Europe, during which he spent 
six davs in the Soviet Union. 
<aid there was absolutely no 
mention of any political or mili- 
tary' issue. 

His talks with Soviet agricul- 
ture officials centred on that 
country’s needs for U.S. com- 
modities and co-operation be- 
tween the two countries in 
agricultural trade and research 


Japan draws line on quota cuts 


THIS YEARS annual session of Last rear’s stormy commission commission’s operations should that quotas should he set for 
the International Whaling Com- meeting in Canberra led to quota be strengthened rather than three >ears instead of one as at; 
mission, winch begins in London cuts which forced Japan to weakened. _ present. . . 

later this month, could prove to reduce its whaling effort by two- To this end it is proposing that The association claims toe 
be one uf the most difficult yet thirds and the Government is greater efforts should be made to annual setting uf quotas 
as pressure for further cuts in evidently determined to resist persuade non-member whaling jeopardises the stable manage- 
the world whale catch runs up any further sealing-down of the nations to join the IWC. meat of whaling enterprises as 

against a *ii>ne-wal! defence by industry. But the success of such a forward planning is made nearly’ 

the feuding whale-catch in? “The traditional whaling policy would require a mare impossible. The new proposal 

nations. industry of Japan is a vital food- “even-handed and stable” includes an annual review so 

In a policy ducument issued providing industry for the atmosphere within ihp IWC. the that quotas could be modified in 
ahead of lhr‘ talks Japan, easily Japanese people.” the association association warns. “It must be mid-term if necessary, 
the world s biggest whale catcher declares “Whales have deep said frankly that some or the It also claims a lhrec-year 
and a “ reluctant “ member of roo ts not onlv in the Japanese extreme proposals offered in past interval would allow mure 
the commission, has warned inal diet bull n culture and customs.” years have made these nations thorough scientific deliberations 
it will not retreat any further unwilling to join.’’ before new quotas were set. 

on the question of quotas. 4fmnsnher£ Japan has. through its The IWC is an urganisalum 

The Japan tYhalm- \sioeia- r » li,,ua K ,lV1 '' domestic policy, offered some which depends upon the acqui- 

tion. which issued the document. Any further attempt to reduce encouragement for whaling escence of iu members in iw 
believes that i-nn-crvationist zeal whaling quotas would cause nations to join the IWC by acting restrictions so if the Japanese 
throughout the 1970s has serious disruption, threatening against whale-product imports and/or the Russians were to 
resulted in a lightening of whal- lhe livelihoods of the 300.000 from non-member countries-. ilatlv refuse tn accept Further 
tog restrictions - io"a level Japanese who depend directly These imports are expected to fills" there would be liulc the 

beyond that which i- necessary.” and indirectly on the industry. cease altogether in the near other members could do about it. 

Japanese supplies of whale But the country is anxious to future following an adminisiro- i n the past some sort of corn- 


whaling «... — - — - ... ... . . . 

j 0 b a . it is keen that the basis of the important of these is a proposal could be in question. 

Public asked to help 
track elm disease 



. fie cl«..rnr R„hprt i>nl.* li i-im- ! DUTCH ELM di-case has killed lugs for mstic furnirure. 
ccrned ' about reports that tiic ' abom a m,n ' on tree, in -win hern wood to-., may be ink-sled 

Britain since the death toll was Ufl.cials have given up hope 


a coarse grains agreemem and an 


reminded of any new cases in the less 

a coarse uraius am ecu i cm juu an i — - rilllllu - 1 „|.„. A e 

understanding on dairy products I timber merchanu uf the penal- -* n ^ted p ates 

and meat The U S. has opposed ! ties for breaking the new laws AS w ’ 011 <*•' resn iti n & ine 

... OHPU.CU nr nim muvemcni Of the wood, the corn- 

such conditions. 

Scots farms 
vield more 

Financial Times Reporter 
THE OUTPUT from Scotland’s 
farms last year was worth 
E851m— 14 per cent up on the 
previous year, according to a 
repnrt published yesterday. 

The annual Tanning report of 
the Department of Agriculture 
and Fisheries for Scotland 

governing the movement of elm. . , .. 

with the bark attached, and mission is taking other steps t. 
warned that police were carrying 4>r ^ l i' L "^ • . e . re !| ,J1 . n !P." e m c s - .. . 
out ipol checks on lorries loaded Sanitation idling of dis- 

with limber. lr ^ he, P s p,ow . lht 

TK , spread, and in cases where 

Jif if ! In rILS. infected elms are especially im- 

A.’. h . ^ r0 r re r C ‘ .. ^ portant to the landscape or 
down new of disease and n enera | ame nitics of an area 

i 1 .? -w L “ f injection treatments can have 

wood in .heir neighbourhood. wnie , liniled SUCWsfS aaai nst the 

The hark beetle which carries a i} me nt. 
the killing fungus is on the move The disease is still spreading 
again as the weather warms up. in the north or Britain, although 
and lhe commission says the next Dr. Derek lied fern, who mnnitors 
few month? could prove crucial j l!? progress from Edinburgh, is 

showed that the biggest increases' 1 ? th F safelv °f th,; remaining uiutinus about putting a number 
in ..nH elms 

in value were in mutton and j e,ms in s,llll h uT the country. pn casualties, 
iamb, which rose 20 per cent. "The public should lei :is There has been no overall 
wool up 2S per cent despite a know or an» instances of the survey in the north, although it 
slight fall in the quantity sold, movemem of elm with the bark j s known that several thousand 

still on from the heavily affected qf the two tn three million elms 
to lighiiy affected areas” the in Scotland have been killed, 
commission . ? aid. The dividing The disease has been Found as 
line he i ween the *onc» run.s from far north a= Deeside. More sick 
the River Mersey io The Wash, trees have been found all along 
The rules apply not only to the eastern coast of Scotland 
whole trees but to rough-sawn with the greatest concentrations 
timber products like pallets and in The Borders. 

poultry up 40 per cent and eggs 
up 20 per cent. 

Potato prices dropped 20 per 
cent below the 1976 level. But 
cereal production reached a 
record and the crop was worth 
£96ni. 20 per cent more than in 

Beet growers seek cuts 
in EEC sugar imports 



EUROPEAN BEET growers, countries. 

meeting here next week are ex- Mr. Gun detach must speak the 
pected "to adopt a strong platform truth aod that is that EEC beet 
designed to protect their. interests sugar production will have to he 
when tile present EEC sugar mar- cut if the Community is io co 
ketins agreements expire in 19S0. on helping the ACP countries by 
according lu conference sources, impuriina sugar. 

The four main demands on the The conference will instead 
list of the members of the In- call Tor a firm line on EEC pro- 
lernationai Federation of Euro- duclion and propose that must 
pean Beet Growers will be: • ACP sugar is kept out nf Europe. 

• Reduced imports of sugar from proposal likely in he 
third cun nines and a ct ear-cut discussed is :• system -u 
distinction on the part uf the deficiency payments to 

EEC Commission between agricul- countries— the payments would 
rural policy and aid policy. he equal to the difference* 

• A continuation of lhe system between the EEL. sugar price 
whereby EEC beet production is ar, d lhe world market price, 
regulated by national quotas. The ACP countries would then 

• A total quota from 19V0 on- be free to export their sugar to 

wards which is equivalent to EEC anywhere except the EEC. loaf- 
sugar consumption, ing European growers to satisfy 

• A continued EEC tax un iso- European needs, 
lucose curn sugar substitute to 


Financial Times Reporter 

ensure that beet remains com- 

Next week’s conference will be 
attended by 800 delegates from 
13 member countries, the EEC 
plus Sweden. Switzerland. Ghana mid-crop eocua purchas- 
Austria and Spain. ing may begin to-day, London 

Informed sources said that Mr. trade sources said yesterday. 
Ofav Gundclach. (he Finnish EEC The first purchase return would 
Agricultural Commissioner, is then he expected on June 9 nr 
likely to come under attack for possibl;. the following Monday, 
failing to “ come clean ” on sugar June 12. 

policy. l.:i«i year mid-ernp purchasing 

There is* a 3.6m tonne susar sinned on June 17 and finished 
surplus in the EEC. about 1.3m on October H with a tidal nf 
tonnes stemming from guaran- 14.495 tonnes. Main crop pur- 
teed imports ' from Asian, chasing ended on May 4 with a 
Caribbean and Pacific <AC.Pi reported total of 263.214 tonnes. 


% ASE?jfcts:* ’ ■ sag: te^Yv nsv 


COPPER— Lost' around in- active tradina 

crtlfte London JM*I Exctoeage.. A lower ^.^1 *•!•*] x ;• ie'pre-riiaiih'ovflmi lospec-ulahve bur- ««*«' , ***'!K!} „_5 e ?L"5;: d ••iJm.u” cas^'r.'Lc^i, p'JjT r.WiVd St-tiwii HIM sid.-v MO io 57.0: tllsi.r 

avernishl Coniin saw torward row id tall 7S » I . , , 1 5 '. 767 50 107 tan of both tut and lorward imteriaL uirough ibe da>. wrons GUI and DiiHiis. 1hiil ;t1l . Ma | a yi, a „ „ lart -,., wa * .-I* HindWi*n«-ni .1.0 10 torvtiuanorst-.VO 

tn W on: thr- dk 4 b« 1 h>i hut ihe. JSs'T I.VS . « HowePer. news dial ibv USA ranirihu. V«ft»h.rV"4..w ‘ wms k« .nominal buyer. .Mm-. « ^ h.i.Hqui.ricrs M id .SA 


* 1 £ 

TIH—Ffivner. Forward siandard mcial 
opened at tS.lOO and rose to 10.43) on 
die. pre-mark! ■. owing to spec-ulahve buy 



As prodm-m lonUnued 10 overbans ih- 
markei prices remained depress.-d 

Scotland: Caufe down 6.5 per cent, 
averayi- «7.SPu i-333*: Sherp down 
LOWER owninj on ihc Lundf .11 ohysual 5I -' .?™SV rt - aVl ' r3R, ‘ l *’ 1 3p ' - r Sl - . 
inari vi. I air iiiier-.^i Ujruu^hout lhe dav. SMITHFIELD — Pcni.c per pound: Beol: 



per tonne unless otherwise 




. -■ • . . .- . . . .. kllU.. itw lu'.e- 

to YJSa ^n .tte-eBrie.B^marlwt but Ihc. I+L 7 B 78 B-^ 

asa. -« - Inst SStl*ni*..t; 769.6" +1.6 1 , - 

-lt6 Howgrer.. f| tfW*_ ijwt, ~ Ye-ref.lHvV"+..i" 

Hons to lhe 1TC had passed the banking 
i commliree stage >sn*. vaiut-s ease frae- 
-1Z.2 ,IBn * Hv - Renew'd buylini ln the alter- 

euro A 

prlpe Thai- rallied siroluJl- ro ITS? owtnd 
10 ,-lfihort covering following news- of the -O&thodm- , 

58- Per ceni force . maleure declaration on: ^*^- — - iSr« f 00 " 'bon promtMod a rise 10 £MC0 on ' i B5P 0 -9S 1 

JtjljF sblpmenis ^ nl tH - “1 la ' e feerb T^nprer. 1.572 lomin. Jg 

Pcofll-takin*' >-and betbtc scllmt: cauwd V.S.'Jjiui.. — ’ •66.5-68 

alieihack io.£TW3 on Uir morning kerb. . .. 7 : ' , . 

A -weaker 'ihao. expeered' opening on Amg f i iaWi P l ed Moral Trndmn rcpf-rlrd 

“ r^ .that, in the TiMirnlm* tbree m-imlw wire- High Grad* s: 

flierl- ' — 

I 'Miii- 


time t 
1 11 

4-m- j 51- 'Hi <i 


Xi-Jt * 1 u! r*l 

.0 -28.0 171Z.0 I6B5 
,0 -3.5 IB70.0 45.0 

n .111. ,+ ..r I'.ii'. t+.T Utv 1640.42.0 + 2.0 1645.0 25.0 

Oni.-Lil ‘ — l L'lu'INi-wl, — 3lan-li 1626.5 27.0 - 9.75 tb!6.5-d5.0 

' 1 Mhv 1604.0-14.0 -11.0 1600.0-590.0 

L ■ £ ' K Jut* 1595.0-flH.D +7.0 1576.0 



Vi-i "nlm 
' I.-+- 

Mu- in— - 

(■■r- iinuri'-ri u 10 r-.n. Lamb: KncLsh 

sin-. II iiii-ii <,i-iiioni ilfi.U ro 72.0. medium 

64.11 III ill". Impei-li-d IrOfvn NZPL 51. j i , 

in .' 2.0 l‘l| " le Sl.o. Pork: Euuli'.h. atetaJs ! I 

Iliid'-r 111" Ih in 45.0 1MM20 Ih ^.0 “80 

in 44.U I"Ji>I 6 ii Ih io 45 ii. IW Market n-i-S .-WI' 

... ■ _ lukita'p ... .uiai in me utnrnmH inree m-'nire. wire* mp h Grade £ i: - l + i.u isfo.u 

l.nmea ferorapiciL. lurUWrprolU-lafclmr. in ot HSL Oj. 3. 2. U- 1. «>.a. Ca3 ^^35 45 • + 35 663540 -17.5 opi* 1580.0-90.0 15E6.D 

UM-:a(iermon and i he price dtpped IO a go. Callwdes. three nmnthi- I7S2. Kerb: j m.attli*. : 6436-45 i + 30' 6450-60-30 -{Sfa. 'jw - ,}™, liij'irf 3'ionh.s 

dfes low -or. HbO liefprc. rcroscrlns on Wlrebars., three -uinnths F7S9. 59.5- W. Senlrm't.) 6545 !+35i — international Comm Organisation -L 6 

Urn; lai«»- kerb' owhis to aearcamve, buy : SS.5. SS. *0. l®.5. .Mivrnnun: Wire* standard' ’ cents pur puundi— Dalis pnci' May 

■Qfc frfffl we Oiartor whkh lifte d Ii .IO ». 7A c«J , ....."i6B».5 +»* 133-54 024.lV Indlcaior pna-n “une I: 

£itW SI ISO: 

•:« DUO 

COVERT CARDER — ■ Pruvs in Murium « ’"tn-i ■-h'-Ii \V.Hnr--C767.75- 10.73 Vh05.W 

7,fr?5-5“ ? So s,0 : ’ 6 - 40 Per na. kHeu .-s«-pl utiuiv mh-rwue fill* .1-^ .hi. E788.2& 10.5 1714.75 

e, >'-'vd.. Impnncd produce: Oranw»- I h*Ii > I V 76 1.25 12. 35 ' 686 

V.,fc.pi, i4 |.j,..s JII :<n-IOu. .'"'"inh. .I..,. I.,. .£781.25 12.25 1 705 

5d.fc5-M.90 59.b5-5a.75 53.45 5a.tO r , Kil.*-. : 'in-l nn; J;,|f y - Valom-i.i La|.-s U-.i.i I'o.y • I -4.i/. 59.95 bd.<0 tO.UO oO 5U 59.85 -j.ji.W4il- Jl-iroucan 2.7«-'l.2A: Calilnmian: lew.l I'eli U313.5 

Copper up, 
sugar and 
cocoa ra 

tt : dQSe.;. Turnover. J3.0M mnncs. . ITS.. 5. ia. 5.. 7. 8. S£. Cathode*, three 5 IM JAiiik!l 6425-35 +27.5. 6442-5 +26 ‘aviraa,. TiXuTuii^dH- 

; y : — ; — ■ — Jiiettienij’r.j 6S3S^ [+301 — | average 112.23 «I42.8S>. 


'Ii -Jiu tD.90-bl.00 61.7a 61.80 61.35-51.50 ;; ran _*u: .s Mn-an 
-Hi ■•’i-l-i 52.05-62.10 tj2.8a bi.00 62.40-62.05 Siuma; Valum-ia 
s3.25-63.30 64. 15-54.20 ta. 50-65. 31) onaniques— 








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C*«* T S*k 


writ be ptnMCMSiert IrWW o» jenannesbarp 

aastdatetl U3D L Ji|tKt 137S win. rrr" *Z- .v.+ u» tr os June', 1 978. 
-a^lWiW,'^PO«Ph''- : * : ®tf*JS 1 +n"?£^«™KV.-w a tlw , lwgubiic of South Atriw. 

This iitfvnvF is wwwe l iS iMVmf ni* w}|{ ; hf converted iflto Untied 
- asrf aTtfTaMR'B *m 

■ kSmSotSL ftEfiSjE Aft&i TOwestoP and the 

Vii& il 

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Secfetrry* -•T , ‘ t 

- — “^rocs?.-. . . ~ - 

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tS, CAgsrgay. 

, 60A. 


^rraiLi B.. 1 :S1650 
New Tnrk 1 

■Ian- Mar t4itt-64.aa ba.35-65.4fl b4.70 64.5D 

Sal.-*: :!’ '30-j. I ms nf 1”. ionn.-s. 

— Malian: Inn 12 ik «,•« rrnp 1.6n-6 mi: 
Spdii in- Sana II irav* 25 7th. 

Navels :: UM <m: .La2i.82 , > -9.5 1 311.2b ; ' 

Lak-s ::.:MI-I «0. .'i.-k.-i :f2.566 : 

■ Wt« ::<l. Leman* tw llrntw ini l» , 1.95 1.95 

, .NEW V"KK. Jinn- I. 

.0 L-41 6 : WMnii* MEr.w.s" ed mit.-n 

-2. US 

PnrMoai '.Ins mn pri<-- 
Spot jo -.'Ip ijfi.j-: jul> 
AU^IISI -'"Ip I.i6.:l3' 


35.4p C-ililtiii: ainii H"Uk- anl Urfde 
Cwiuiiy d'--piu- a sir»iia;br rf..ii a r :imi a 
! Inrfhrr iini-k injrfci-i. Bach,- r. imri -. 
j Copin-r '-l"si*f| hiahi-r i« iim haNc.-ti nn 
I siriiin: Inn <n4 d,-- pile .iiijr'.*- -ive ira<1< : 
I ’ hi+l^i -‘••Hi in. >u---ai rjljmi -hari'l< 'in 

. .'120.5 indusinal enco bvm^ jm| %h"ri-C"Vi-rii'it. 
3 --2.6 .120.85 rallied "ii <.‘"iniin--siMii lli-usc hut- 



h;.i «. “toSSSs u 'R.rrr 

■'jb' 'j! ftR^’^'t I ins •« '* • J^»“j '" 3 d ''’ p,,e ,nM,r 3rh " r;, «- 

s.ij. Apples— Krcnch UoW.-n DcIicwil* «'ei ln.\ .u '295.05| -4.6 ^ (7.95|.| Cacoa—liilv 1 .M • 17.’ tin. >. m. I2D1IS 

:nlh 94'. “.Ill rit :: .ip-n 60 larBC h(«r-* . * .302.41' — 4.75 2B3.d5|*| ■ IJH ” Dec. !-•<.. Jj. March IJt.iij. Jlny 

B..-4i-7.-j0- Tasmania: Jonaihan* non. r 'iitHsi, U-‘6.535 -‘-20 .O-l 6.50S j ITJ.iii. .UiI, l.’n.'w. Sc|u. 119 lu. bales: 

nn cold-n Delicious v -n- •'•"■■nil 

L6.44S.9 -56.0 ,6.248.5 . mlI. 

Marnms: Standard, cash £fl.aS0. 40. 35. 

three moothi 16.410. 15. 20. ^0. 40. ^9- 35. RnpuMas i+iencd tharply hipher in tery 
30. Kerb: Siandard. three monUis 16 AM. volume. Drexel Iiumliam Lamb.-ri 

35. 4i 4ft. SO. Ahernoun: Siandard. three repnnv Extensive CumiuUblun Hnn-.i' th, niirkc-l api-n.-d tl noi.n n-il.-cTina 

iiienHis £6.440. 50. 45. 40. Kerb: Siandard. charnsi buiint fuelled by Uicui dealer ov e rni 4 hi Chicago ~ market t.ilues nra,,n > Smnh A u» ... "'•Vn'""*. Vn ik"-'.*' 

tiiree- mu mils £8.450. M. • *hnn-coverins held values firm thniuali- -rjdiiilh ilnfled louc-r o-i Iona liuuidui ion haliiin- Rnm. Hnnuiy. m-r pound ""uu'U'.'RH'.i-ill' 130*5 — 1.0 1 3 <-4, i Caltee— 1 C ' i»uiraci— .lulv IM..ilH7.i.w 

LEAD— Sharply bksber flwms to a strike «ut the day and a hum-op nprnmu in , lir !jr ,. afl.rnumi session .-jeer O ‘ : i'4eii P-b cions 0 1441.16: S. Afn- . ,h ‘ + *•? I Scpi. 1^9.3" b:U -Ii.24ii. Dec 

at Ainax rntlowins lhe expiry of the New Yurt added to ball viiilmcni. Chu aso un^ cnuplwl -..-iih •sinp kwt 1 •‘ramn Snmh K 20.S4O^ - HTiih- Wmir r 

company's labour' L-ontnci. Aficr trading Advances nf 7D-S0 were reglsiercd nn 'hi- ai-dLT 1 . 111 , 4 :iu- mark. 1 lu dlu sn.iryiy 

around £3I>£317 ou ibe pre-marfcei for- dav and the volume was lhe hiuhest smev Jrl( i , 1 JS . „.-a r ihc :qik ui ih..- rioj. S.XW 

3 mcmli- £335.25 +3.5 Co09.75 

ward metal row quickly 10 £323 on October 
rumours ol a tin fee ai Corainco Canada - - - - 

and Antax. ConflrmaUon of a «rlke ai . 
lhe -latter prouipiori fujtiw aKsrvsatve buy- Lt»l-FtK 
iitg. which. Look lorward metal up 10 a 
high ..or pap in Hie afternoon -bvlcre 

• Yisienhy's 
1 Owe + it 1 

B< i'-iiics* 


1 'oni'ii',1 u • . s reprin s 

\|9Ui>Ia\ 4- 


P'-jmi.un 7 iwr rii). SfarPinu neiietmM • '"lium saW-odU 

7. ,n s.nn. rini.ien D>. li. inns 7 SU-< M: Oil* : 

'~h:li-an ' iramiv Snmh fi.«n-7.M: N ,-*1 «. •■.,111111 ■ I'lsil. !«660.. 

X.-»l:in.l- Siunii.-r l-i|iuiiis Ifi7 Tftn. 175 (•i.iuiihiiih L749 

;.>n. Crannv Snmh s"»- Pdiiish- Per 1 . 1 , 1-^,1 r ru ileii j”ucaaa 

I’hiiii Malayan [ v 630/. 


li per I'ctiue 

prbfii^atlioL sdw It. east* ai the dose to 
eud .ut £329.5. Turnover. 11.200 lounea. 


a. m. 


1817-1020 * 75.0 1845-1770 
Sei'U-miwr.. 1720-1723 +99.0 1740-1679 ik-ii.<> 
^■Jur X.iscmlfr... ' 1655-1656 -,64.5 1670- 1620 I ri-i-.-iiil n 

[4- url u.jii. -J-iw Xmciulfi-... Ib55-lb58 -T- 64.5 1670- 1620 Mis- In 

I — 1 Vni'fiicwl'. — Jauuaii 1615-1620 +8J.5- 1630-1577 IVl-i mu \ 

1 -! ^.< 1580-1586 +76.5, 1590-1640 ti.iil . . 

Slav - 1645-1560 +59.6 1560-1526 

Jni, .......... 1500-1525 + 29.5 I550-15SO iaks jja . , w , lMi Irt , 

I £ ! a • c . j: 

Tb«h..._-.; 309J-1B+6 313-4 +0 

A .month*.. I 319.5-20 +7 '3B3.5..75+9.5 

riett'Uu'nti 310 1+6 1 — 

L'JS’. Spor - [ 31-83 » 

£.') «.Tt> .11111- 

127.50-27. B - Z.8& 129.50-27 .50 
127. BO-26.0 ■ - 3.90 is 1.50 27.60 
123.80-29.0. 3.40 li2.DO-2S.7a 
127.00 27.6 - 2.95 1I0.3D 27.50 

126.00- 50.0 - 2. DO 150.00 
127.5D-25.Q ■ 2.56 

128.00- 31.0 2.50 

pound. n.l.tO IS. Pears— 
S Air u-an- Cannnr. r-j. khjm'fi Triumph 
OfiO-'li’li R.-nrr. Flirw- 7 3ll-> no. Wliil.-r 
Ii* 7. .-ill. 7 fin: R.-Lmii: renl.-ri-mv n ta- 
ll IS: 

.. .. ‘590 


. . £363 
10.0 --571 


n IS: nun-h his C rapes— S Afrlr-an: i*!,.]... i«4fin.. 

- 5.0 

Sales: 1 C.IM 1 Jms id lonncfi. 

ARABIC AS were steady as ihr market 

Momins: Cash £3WJ. 10. three months .roaeted ro more Irosi st ares from Brazil. 
Q20. 10. 20 , 20 J. 20. 10. 10.5. Kerb- Dr*J*rt Burnham Lambert reports. 

Three months £280. 20.3. 20. 19.S. After- 

nnniti Xhrrvv monihk *•*». DUSincssi JlMC M 



ambi-ri reports. lUCin 'Ai'C.nO' a iu:m-- ui .lun- July ’’H?" 

buyer, seller, '-ha use. ihienivui. White su^ar daily price "Sll. iiWi'-?' 

MMJ3.U0. -J0...on |,».J .,1 ii III eo 'SJJfl. .. ■*: r Y.' ii' 1 "': " 

Siunr-h- 7> kill’ll 3iH.-J.-A Banana 
.laniau-an Per pmind O.I7i Avocados— t 

Ki-nva: Km-rie 14 L'b'fUM: S Athcfiii. trains I 

l ".-ri- n-tMfi' SLrawherrics: Tall- "*’l« KKf : 

i..mi.iii- nm-i.Do. ir.iiian uT:.n:a: ftiuiw.... r83.7 

Rpnii'h 0 SH.II.M. Cherries — Knrnih- Pi-r 

iinund »M: ' OfiO Onions— Vi 11 .-I 1 X.j. > Am 1 106.2b.- 
C/ul.-an- I'afiev lu-i.m); Canary- 4nn- 
J.-'O: Put.-h: J jiu-j £0: |<rai-li- 4.J0-4 :rt: 

T'-va-r 4. ".ii: Kuynnan 4 iw- fiuani''* 1 •' n - 



:Uj\ 1.V1 .i« 

t4‘..a hid; 


0.4 '-80.2 

II lien 1 

N-. t Ol >)ir'iu. V98.5 

H»..i iVniici- : 
Kii- 4 ii«'i Mil In.,. 


L 106.75 


y 1.759 
l l.bbO 5 

. . 11102 
■ 29.0 1-3.069.5 
3.5 +1.992.5 

36.2ao —0.25 33|. 
,.1.2.5 1 0 

281 ( . - 1 J 8 O 1 . 

. ’ZLVC- 

Ara bless . 193.56 1I8J.M1; unwashed 

+ or. | 1+"r Arabicas IfiJ 60 ilfi4 IW': uih'-r null! 
j — < Tifftieliil ' — Arabicas 172 00 isamei: nohnwas 143 tm 
(Same. Daily averase 137.50 tsamc 





R'lnir P,il ? si/' 411 
I iiii. r U fi J.20.-J 411. 

•7 Carrots— Pi r bne 11 fill-| 4<l Onions 

IflS.ffl 06.75 rfl4.M455.00 106.75-05.00 ^JaLr'^V 
I02.20-09.Z5 10.^.3^07.60 V?.* «, o -o 

. I I2.-U- 12.55 I IU.75- 16.86 1 14.55- 1 1.00 I . ' ’r F W '* ° ' 

C j^rr ■ ■ .uni' 

Leihir*— Per VI I :« . -“RUM. . ^ 

Beelraol— P.-r "Mb , •^v-Aiibus'. fc Auunii -1 Inin- u April 
June ir. lulv. v Vay-Juiv. Iune_t.ilv 

j Prr run 

0.411 Apnlcs— P-r pound Brantley'* «• Ifl- 

UONDOH FUTURES. «UAPTA»-Wwi TB ' naloc - pf ’ r «■» Fnehsh 

ml iradma . - m. p: u u iu ... ac ■ .c. n ... 

S’- 'S' 

383.5-4 +6-2S 323-4 +3.B 

333-. 5 + 5 ; 333-'. 5 +5.3 
, 324 ' + 3 j - ) 

Ptm ' YVuit <-. “ - 1 29 — tZSTm 'Hhthor'and ln rbi.'i iradina ^ ■ ; j£;£a££ !»KJ ftllrtSSw ? K ™' 

Morning: Cstfl £323 j. three months gosort M-tOp up due 10 a Iwk of . . i2“.:5-29.5D'l2:..Z3-.d.So: lh).bJ.2’J.0D k- hi | C "n .j «" C, f>|?ry- pv r*"’?'' '! " ' fii 

1333. 14. S.5. 5.5. 3. 33. 8. After noon: Barley, opened Sap up and saw further _ .... , v „ rn f j, r 

-riVK months £832. *.6, 32, 53. 33^. mes ol 53p but some hedne Sellina cased Sales: l.*"l M.'IOi k>:s nf ."'ft -oiuif-s. , — . -~^ r bll,,, * ,, ■ ■ 1D l ,rw - 1 * 

Kerb.*- Three momfis OS5. 543. So. the market to close about aieady :»5p up. T.m- and Lyle tx-n.-nn. ry i-rii. (or 

* ceh« ■ per wmid > On orevTous Mas wheat came on the hoard a» w.75. Bratiuiat>.-d oasis Mim* sti«:ir i«-s £.mj.4u 

WHai close? I SM" ner ojeuL’' May barley at 9L15. but saw no trad.- isam.-. a luiiui- lui hnme trails- and 

nci^ uose. i *«. per wcw. OTWDt in Maj 1 wheat ar 96.91. Anil Ili'.-' Vi 'ti"':. n "r lor «imn. 

‘ _ _ re pons. Ini.-riiaiiuiul Sus-+r Aemiiuui Pruv* 

ClI VFR "" — — — - lor d! L .S. c-iii-j oi-r iH'Uiid lub diul 

miyfUV WHEAT MR LEV Muui-d i. .ir'iibcan pun— Daily 7 15 

1 j-day ji.-fa-- ”.2B 'Sdnic. 

Slrpwberrics— P'-r ilh U 40-11 25. 

UK wheat 


; ^fitter . was Used L7p an ounce lower- 

(Or Soot delivers- in the London bullion -M'utli 
maikcft yesterday, .al 2Dj.05p. U.S. nsiu 

leslwlflj V, +■ nr Ye*-lenls.|- V +■ »t 


— . chne — 






- + O.SO 
+ 0.3D' 
+ 0.40 
+ 0.70 





+ 0.25 

+ 0.40 
+ 0.45 

ctfttvalems of lhe fisma levels were: .Se[J. 

5fltie. down ll.Sc; rtrce-monlh 549.9r. down \ n i. 

6;fc:' six-mooth 3M-c. down 17c: and j B u. 

I2ononib 5B2c, down 5 (5c. The mcisJ 3i ar . 
bpohed ai 29>29to 1 541-34!5cl and ukrsed ji* v 
at 2fla.3.596JD'i538t-j4iC(. 

: : : — Business dune: Wheat: Sv(il. 3fi.S0-h6 i."i. . , 

i Nov 89.13*903. Jan. 9120-91.03. Mareh‘ l * ,l -‘; 
SlLYHtt -J ‘Biillfun +IT L.M.K. •+ -t — . May 9fi.9j-9fl.9j. Sale-*- 45 Barley: 

fisiliU : — • ‘'ho* ! “ St pi. 8I.25-91.0ti. Nnv ns.'O.VJAi. Jan. 

jirtelm: j ! 89.40456 3d. March b6.4u.5rt.75. May — . 

s — .-. Soles: 106. 


•Pence o,-r kilm 

m .i>+.., H'l i- 

acreage up 

By Our Commodities Staff 

\llM|-.llt|ll> Vi 

/H-l U. 

I* r 


I li-l 1 4 it 

Mhi.-Ii . 
,)l«l.. . 




:2J5.Q-46.U ... . 


2:u.o-ib.n — 4.o 
■21i.0-50.0 . .. 

IMPORTED-Maiie: US Fri-neh June 

Spot, 1 295-05]i -4-0 295J5]i -2.35 and July £103 25 irarisbipmem Easi Coain. , 

3Tzh»tlii..‘3U8.8H .-4.7S' 5UZ.75j» -ZJ S. African While June- July £sl.3u c la seuw. tierriiifvi 

Bmonrla..! 309.6 p -4.70. — S. African Yellow Juoe-July ISI.aO SYDNEY CREASY . ^ ci _ 

t2 tdattths.1 32fi.Sii !— 4.7S — i Clasnou-. vcUlt. bUMil- is sjlt_si— Micron Comraci: r.l!inLeci wilh vciniei- "h-iripv 'is 

1UB ..^.-lnifi rf-inBna Baric »- Serahum. Oau: All unouored. -July :4i.A344.-. 344 .s.:m.:.5. .;i; m-: "iu.U- P , .. J , Djrle> .. 

1J4E— Trtnrt ver 72^ l Wi lots of _ lflJ» wheat: CWR5 Number one 121 per 34r>.3. 3 j: 5 ■* >.:>■ IS: D-c 2;.n.7:at» v. sjl 5 a,!, u higher lhan last year, (he 

OS. Morn ms: Three months WI-S. —.nr .lnne HUM Tillinrv: tic nurk- +vit 

planted 13 per eeni more wheat 
lhan last season and about 5 per 
eem less harlev. according to 
preliminary results of a survey 
uarriod nut by lhe Home Crown 
Cereals Authority. 

And 9b per cent, of the wheat 
acreage is planted with high- 
yielding winter grain. The pro- 
in order buy'r. portion of lhe barley acreage 

■lime 1 . tin. 3l u xiii l 

J "lie l Mm ol M. 

I lu. i 
I- .IIH 



li.V Oil hid. Mar-A 157.3ft bid 
hid. lu.'v 13.*. 75 bid. S. j.i 
S jl.'»: 7 T:ii 

Copper — Inin- ->14111 u-l.Til. July 

■ fiJ-M'. ,\u r . Iiii.iw. i.'pr .r.:..'Hi, [Ir-r nS III 

•la:i CSfil'. M jr.-h i?» flu. May TO '4>. Pulj- 
71 i4. Sf|ii. iJ.iW. P.r. 74.1(1. .Ian. 74.i!ft. 71 «ft Salo . T TOO 
CaltDn — \«i. 2 .liilj fi9ilft-%i 10 i fill. 1-J i Ort 

r.i i-'.i jn ik.mi.iJ ;o Mur. -I i 

CV. XIa> '4 .-LViU.'.H .Inly, 
un. fi.~i.-irt.u-. f.n. s+k- nmi bjlos 
'Cold— Juno Ill'll < T.-tJ ::n>. July 165.20 

■ Th5 3fii. Aik;. I '..ii.TO. ".-I. 1 ■■'.•. i. ii. D 

192 , til. F»-h. iii.-in. Auni nw.'ii. .lum 

.■ui mi. Auk .m it. ii, -i _'n; mi, 1 1 1 . 

2111 . 60 . 1'Vli. 214.00. April 21 ; 1U. Sato- 

Lard— CtncniP' l**"'i.' ii"i .ii .u f.i h ft.-, jf v 
pruni- Meam 2-1215 nmii ' 2 I 21 '' ira-icrt* 
Maize — .liilj- ?n52-dt3! •2u , i; ■ S.-r-r 

2nk!-2'ti'. '-.w: I. D'.-i- ->.■{ >2i4r. March 

275. May 27V-.'7-!. Jul " 270. 
j 'Platinum— Jul' _ili.iiii-2V.-Wi '2.’*4 .an. 
I "Cl '2'*4.00-2.V. ■*' »V.V>. III*. .Ian. ..vt •!". 

til. 721.6 - 89 D V 1.401 5 j Aci d ?47."N .*«•«> 237 tO. •». |. Vfi.-'.I.Kt, 

7u.«. 6S.75 -* j Ian i.v-'.. . ::n Ml.-,: 1 41 .:. 

•Sllvw—'*l"" -'tW'-l*. 'nnu 

.'.42 'HI ' A'.!'. -'ll • . Jul: 545 2'i • 54.:.'KI t . A I. . 

MS.: III. S.'-pl '••+.- i.ii. Ln ■■ 

.tic mi. 00 .51 • 

tfnOIMII+1. '." \l-l> slUlir '-I’l-O- ‘••-PI w - (•«•*■ * 

<722.90. March >2: 1 fill, hale- 
Soyabeans— 1 ul; 7-:'-7'M .7J7 
Tii. '727;* Scjtl>. '.It 
Ian. «k1:-i. 72. Mari'li u79-t*n 
July 1.79-u'S. 

| Soyabean Oil — -I 111'* 2vas3’ f .40 >2V.!ii'. 

: Auu. 27. >0-2“ S3 '2 ?.7ic Scpl''. 

! liyl Jii.'iH-Vh.-tl IV-'- 24 30-24 .U Jjii. 

25.0.5. \l-jrch 24 10.24.75. Muv 24.00-24 5n. 

■ Jill) 24 llt-24_:il. 

1 i Soyabean Meat — Jul-. 1S2.0O-1 *2.30 
'ilS.;7llt. All- lNS.Stfi I S2.2M ‘ IS4.1I' i . 2-i-iai. 

: * : .| AO- (Man. ui : . 177.ihJ-irr.lil. Di-c. 174 Sis 
' : 7 Jan. 17a nil- ITS JO. ‘larch lTr..lii- 
' IT',. ml. Ms 1 . 177.UU Jiilv 175 50. 

1 Sugar— \’.t. 11. Jill: 7 74 '7.31 1 . S.-pi. 
: '7 Jhi. m-l. Kl-j-su. Jan i.-t’.- 

! -.oij, M.irch < , J.:Sf4. Ma> ».n3. Juh 0 jo. 
I 6c|,l. 9.34. !'• I. 9.41+9 45 3ali.-. 7i.'0. 

I Tin— 54 h uu-3.5u.nii • 5::.'i. 0U-5 5 ij <hi .. 

1 - Wheal -J ill; .’.JrS-TJK: . Svpl. 32-»> 

: vai'i, i. Dec .M.ircli 

: 117:. May .:a.J. July .’™2 

WlNNirKil. Jum- 1. Rye— .luh 107..'-» 

bid i : ns. nil hid'. Cji-t 107.59 < tus.iw bid), 

• Xnv. 1U7.O0 fl'hi-d. D»-c. 107 9* a.-Krtl. 

! Oati— inly t.iiu ix:.2« bid-, uci. 79 .i* 

I '>* 1.20 bull. LV-l-. 76.10 a-kfi. March 75.00 





350. M 250.67 241.66 265.71 

i Baer: Jiilv I. i«Li2 = iiuii 


\ V." 

15U8. 5 1607.4 1456.1 . 1558.8 
iBd»'-' Sfiuicmbcr is. iv::| = |im> 


II' . II. .Mill 1' 

51 ! . a . fi 

-i-i. 355.74 357.21 363.52 418.05 
I '*ii .ii .- 356.74 358.72, 549. a5 58a. 7M 
i A v crate ' lP24":.V2fi = Jim > 



•I'l"r )|i s . >1 n'l- l ■ 

»iV- . 1 • 31 i • -i 


■■".■ii 927,6928.8 904.2 312.2 
iDHrembpr” Jl” |M)=?un, ’ 

,'.i.4 51: 

■VV, TU 
ii '7. "III. 

■ .aim. 

7". \ll- T-'r, 
■I . Irii7 1 
May usl 

• >in 

1 '.Barley — ftil) X0.nn bid iM xln f»c5. 
I fiO.-u j'led 'M'.Wi nidi. IK(. Xii.ihi a-Vcd. 
, .March fifl.An j-hed. 

l/Flaasccd — Jiilv 270.SH bul Old-. 
! <icl. 2iLx ju bid i2fi5HOi. Nuv. Jw. In'. Dec. 

■ 'h.'t.'Jii asVcd 

I ."Wheal — CWRS Vi .7 per ,.-ni pr.iicu. 
‘ I.'iilllclll IH rlvrv SI l.auri-luv Ini,. Ill 
GRIMSBY FISH— Supply good, demand j ' I'iT.lio •- 
seed. Friccfi ai ehip's i>u1'- niniir'i'. i fi-cd' i ,\ll *. i-ms i« r rmiind cc-u-.'irchmifi. 

IS! .70, wiliahire tSLJO. MEAT/ VEGETABLES . p , . n j.. nlmP . K *"»»• ni™»m rui-KIisn [rov ounce for SO 02 unlis <>f ^ '' p. r 

JMJNDES JUTE— OulfiL prices c and f ' The UK mnnciarj' coemt-ltni l ».r Hie MEAT COMMISSIOH-\r... r }, B ..- mimucf ,a ,k - " ie ‘ s => cveri '- ntl« il.m-Ef in; saiihv n.:la-12.«u. cvnl uunw delivered :-V. ■ 1 '-nt.-. prr 

UK for.'5e«.-?Joy. sJiipmemr BWB £25?. jWCC fc bwanmog June ; wig rviuam rriuc^ ni n-jr.^fiirjiuc roarkcix un luiic (JuOtlliq MiniMry uf Aynvul- * iruy ounce <-a-u-jn-hauM'. 1 \. «• •• p • 

BWC J3M. BWD'JS® Twsa: BTE GW. .uothaiiKed. GO— it-nlc iD.-lp p.-r h».I w « — 1.77.. tun* fiQUi‘«2a. lhe Authority claims . uuurae' in a xhori mu inr Suit Ini , 

BTC. (555. BTD G4d.. Calcotl* . Mads ... * UK-sb.n Ui -o u r hsci.d ,c. . -.o- r * ,h t . t .n.i r ai-.ii, J f «, L« COTTON-Liverpeoi. Sou' -Hip- uf 1"" fihu-i r»iL'. Hdiv-r 

eaciar. Quotations c ind I tor prompi.- GB-Pv» .".4b ot h -'I IftL ina uf iljjrch xtOtK& m-ni xal.s ammiuid 10 '..ri". iTiufiuu 1 rhiea-o. T'd.-di. Lunih :.u4 Mum 

Bh8»»Bl 10+U 40-10 19 i3. 74'W £1.7= per LONDON PALM OIL— Clu-e. .Tune Enaland and; i.aitn muubcrx up nf gram still hcru Otl fai’,ns ih< i.iinl fur ill, u. ek mi (ar m 4... iuiia | ’'Ccnlh per «• lb lui.slu-l m 

lflfl yds, June 0-07. G.68. Julv-Sepi. £9-0 1 . 309.00-30 W. July JOO.OB-36.OU. Ann : 1 T uer eud. :.v. t.r,« I1.!:.n - 1 i>, totalled 3 27m lunnus lU nt-i' rconrs K W. Tan. raall. A.-nuu mi •• IVuIf r--r 21 lb v. m ; , r 

£755. -B- twlU> G714. C72M. G7 52 30.011. Vol. 0°- ItoM-X.m. Sh.x ■> up '!• «'• r ' *.«: 1'fi '-u . ' th . , h . .) rela'iicty .mall vaf. . ' l - n- 4S II. bu.-nrl .-.fiv- jr.-hn-.c .- . p. f 

far Hie respective fihtontm iwrtods. Turn N«v 2NI.vMla.00. Dee. 2S0B0-..1H00. Jan. I-.-'- I'.p' iiowii t... o-r i.-ni. -n-r.i<- J n ’ ll1uU ir,dn •*' ltie time llUie only im,-r. aid 'll .nniur >bm- m V. Ih W.hcl i ..r.j g.,„n-: 

asd -cle^h. .very Arm. mummed, fch. ungumed. Sale*. Nil. 3S.lp i laSl year. n. ..n nu.<uj l«r .Middi- rn i.u >liti. •• j 1ms. *' SC per iuiuk. 



Financial' Times griflax 


Equities resilient despite gloomy NIESR review 

Index 0.6 off at 478 . 2 — Gilts drift lower 

financial times stock in dices 

— T— j- - j rHf T#T^ ; 

— ' /in 02 ! 70.10 7Q.47 70.40k e&ai. 

70.1 S[ eB.9Z 7030 7Q*-» 

rn.vem rupnt bora I , l 71i7B ; 7l '.Bfl| ' 72-ld .'7135 ;. : 89 JO . 

Fixed rmwwt '*£2 *£jj' 47S.5 ’ 476ul| 

/adiutnal Ordln*ry-..-j VI 163 - e 15B J 153.0 .IJM' 

G,,M I g 'J 6>52 e.69 ' e.-se-vKiiv 

UnLUtT.Xield 1 ” [ ^ a * 69 i6.5si M-TO 16.82 'IS.?* 

BmlD<p.VMM(ti>IN a i -f^l *• ai0 aJ : 7 .mf 7.95 si*: 

P/E Ilarin * J ' * g j 4,575 s 1 53'mH.> 65 ’. ^ 

Dnlln^a irnrhed 4 - S1 j ■ 1 4g gJ ag.^l 6AvB7 68LS0 

* «.» « - gy 

Latest I into M***- : + jm— 8.A* -v 

«. « a-i'arfss 

Miuea SE AcDViff July.Dec. 1M- • •'•*."» -* •*■’- 

HIGHS AND LO WS. ,. •. S£.-ACftVITy . 

1 l'** .... Jmi 4 : . ^ 

“ 1 HufU I Gow Hmb . | Low ■' _ a ^.7 

166J.| 163^1 

{ J Awoum Dealing Dales 

1 Option 

i . * First Dvcluru- Last Account 
(Dealings tious Dealings Day 
. IMaylS iUav 2.1 May 26 Juii. 7 
Hay :j0 Jun. S Jun. 9 Jun. 20 
I Jun. 12 Jun. 22 Jun.2:s July 4 

* " New time " dealings may take Place 

■ ■ from qjo a.m. two business liars earlier. 

* j Equity stork markets pul mi a 

* •: shov of resilience yesterday in ihe 

f.ic- of the u economic fore- 
[ icasly made by Hie National 
’ ] Involute of Economic and Social 
1 Research in its latest quarterly 
1 1 rc'iew. The Industrial leaders 
. ! were Jnwereri a shade at the open- 
in" ot business, but little stock 
came on offer and prices soon 
. made a modest improvement in 
!. response to the occasional buying 

j l ! However. Ihe afternoon 
announcement of vHuhlly dfs- 
| appointing I irst -quarter ligtires 
r from British Petroleum, up 2 at 
1 F7$p. after S90p. appeared to 
: dampen sentiment. The FT JO- 
shar.- in ilex, which recorded a 

* rise nr 2 :{ at 2 pm. closed 0.6 
lower on balance 47S2. Neycr- 

■ 1 he less, ill'; undertone in the final 

■ dealings was being described as 
steady 10 firm. 

■ British Funds drifted lower in 
' a low volume of trade. Sentiment 
’ was not helped by dullness in 
i sierlinu and the forecast of :t rise 
I in the rale of price inflation. Falls 
, ranging Jo 3 throughout the list 
1 were reflected in the Government 

Securities index which closed 0.23 
’ down at a 197S low of 

1 Elsewhere, secondary equities 
encountered selective demand. 

I while fresh speculative interest 
was again evident in some of the 

I I take-over frnouriles. Rises were 
in a majority over falls hv 3-1 in 
FT-q toiled 7ndu*lrt;</s. There was 
a small improvement in the level 
of turnover as measured by 

official bargains of 4JS31 com pa rid 
with 4.342 on Wednesday. 

British Funds remained a tlun 
and extremely sensitive market 
vesterday. The continued lack of 
any fresh initiative from the 
authorities over the money supply 
coupled with the gloomy economic 
forecasts from iNIESR kept 
potential investors 'on the side- 
lines and resulted in a downward 
drift in prices. The reaction in 
sterling was also an adverse 
factor in the shorter maturities 
where closing quotations recorded 
losses of and occasionally more. 
Falls in the longs ranged to 2 
with the tap. Exchequer 12 per 
cent. t098. reacting that amount 
to «SL 

Traded Options were Tairly 
active with 617 contracts made. 
This compares with the previous 
day's second heaviest traded total 
of D06 and Tuesday's 340. Grand 
Met and Cons Gold featured with 
J38 and 140 contracts respectively, 
while 126 were done in 1CI. 

The investment currency pre- 
mium continued its current down- 
ward drift and closed the day 1J 
down at $105 per cent, taking its 
decline on the week so far to 51. 
Yesterday's conversion factor was 
0.SS5Q (0.6S7S;. 

Banks quiet 

The volume of business in the 
banking sector left much to be 
desired. Merchant Banks, how- 
ever. met a modest selective 
demand and improvements of 5 
were recorded in Guinness Peat, 
235p. and Brown Shipley. 23Qp; 
the latter's preliminary results arc 
due on -Tune S. Keyser Utlmann 
continued firmly at 52 p, up 2. 
and Antony Gibbs edged forward 
a penny to oOp. Home Banks 
drifted gently lower on lack of 
support. ’ Barclays softened 2 to 
333p ms did Midland to 3&>p. 

Insurances displayed no set 



Danish A.l per Ion 

Drin.sJi \.l ppr ton .; 

]ri.-h Special per Ion 

li Her A.l per ton'i 


NY. per 20 lbs 

English per ewi* 

Danish >alU-d per cwtf ... 


NZ per tonne 

English cheddar trade per 



lk-me pruducc: 

Size 4 

Slue 2 


ScnUish killed sides ex- 


Eire forequarters 

I. A. MB 



JltiTTfiN— English ewes ... 
I’WRK rail weights) 

June l 

11.41 11.32 1 

71.30. 73.8S 
1 . 202.10 

June l 

54.11 37.0 

30.0 33.0 

64.0 7M.0 

30.0 32.0 

Week ago Month ago 
I £ 

11.41 11.52 11.41/11.32 
fill .61 67.37 

70.10 72.41 70.13, 72.42 

1.101.30 1,101.30 

1^*46.75 — 

2.70, :j.40 — 

3.DU4.50 — 

Week ago Month ago 

34.0 ' 3S.0 
36.0. 33.11 

NZ PLs-PMx 50.0 32.0 50.0/51.0 

.11 liTTON— English ewes ... — — 

FORK (all weights) 3H.0 45 0 56.0 45.0 

POULTRY — Broiler chickens .'1.5.3 37.0 35.3 37.0 

* London East Exchange price per 120 eggs. 
J Unavailable. 1 For delivery June 3-10. 

.Kfi/.F ' uvftOO- 

trend after a thin trade. Sun 
Alliance gained 4 at 32Sp and 
Pboenix hardened 2 to 254p but 
London United closed that much 
Joii'er at 17Hp. 

Breweries ignored adverse 
Press comment on the industry's 
prosed* anti closed belter where 
changed. Young A edged forward 
2 to I77p on increased earnings 
and scrip issue proposal, while 
investment demand raised H'hif- 

Building de--'cripiions traded 
quieUy. with prices hardly moving 
from "rhe overnight levels. A 
smattering oT news items failed 
to draw any real response from 
dealers despite the good respec- 
tive performances from URM and 
Com ben Group. The former, 
slightly firmer ahead or the 
figures, closed marginally lower 
at 72p. while the latter, initially 
marked a penny higher at 3lp. re- 
mained unmoved by the annnuncc- 
meni. Buying in a _lhin market 
lifted Hevwood Williams 6 to a 
197S peak of HGp. Ibstock ohn- 
sen put art 3 to 173p after further 
small demand and Armitage 
Shanks firmed 21 to 6Glp. the 
latter on 0 Press mention. 

1C1. initially 4 firmer at M»«p 
in subdued trading, eventually 
eased back in after hours dealings 
to close 2 lower on balance at 
nnop. while Flsons held a small 
improvement at 363p. Coalite and 
Chemical eased 4 to 75 p despite 
good profits which still ranked 
below market estimates, but 
Allied Colloids nut on 3 to S0p 
on renewed buying interest. 
Rente kil. 3flu, were unmoved by 
news or the V.S. acquisition 
Mighty National Group. 

H. Samuel wanted 

Still reflecting the record results 
and scrip issue proposal. H. 
Samuel A rose 7 to 280p Tor a 
two-day gain of 12. Other Stores 
closed with modest rises following 
a light trade. Ellis and Goldstein 
hardened a penny to 25] p, while 
A. G. Stanley. Hop. and Status 
Discount. ISOp. put on 3 apiece. 

Electricals contributed some 
firm spots. Substantially increased 
eaminas lifted Nomiand 4 to 50p. 
while Farnell Electronics closed 8 
higher at 276p. after 27Sp, follow- 
ing the annual meeting. Henry 
Wigfall were good late at 214p. 
up 9. od renewed speculative 

Speculative i merest for 
secondary engineerings waned 
after the previous day's increased 
activity which followed Thomas 
Till tag's surprise offer for 
Fluidrivc: the hitler improved 2 
more to 76p. making a two-day 
jump of 21. The increased divi- 
dend and higher annual profits 
together with reports of record 
order books buoyed Capper-Ncill 
which moved up 5 to a 1978 high 
of 76p. Spear and Jackson put 
on 0 to 188p and improvements of 
around 4 were seen in Burgess 
Products. 42 p. Molins. ISOp and 
T. W. Ward. 73p. Still benefiting 
from recent investment comment. 
Qclson edged forward 2 more to 
34 p. or the leaders. John Brown 
reacted from a firm early-morning 
level of 37 ftp to finish 2 easier 
an the day at 374p. while GKN 
cheapened 3 to 261 p on further 
consideration of the group’s deci- 
sion to drop the bid for Sachs AG. 

Shipbuilding conoerns came in 
for some support which left 
Hawthorn Leslie and Vesper 6 
higher at 74p am! 168p respec- 
tively- Yarrow hardened 3 to 
273p. after 273 p. 

Associated British continued 
firmly in Funds, rising 2 to a 
1!)7S peak of 7np: the preliminary 
figures were announced on June 
13 last year. -Seasonal influences 
left J. Ljons 3 better at 9Sp and 
Alpine Soft Drinks 6 to the goud 
ul a l«7S peak of iSilp. In 
Supermarkets, Kwn'fc Save rose 3 
to S3p. 

Hotels made fresh headway in 
furlher response to reports of 
buoyant trading. Trust Houses 
Forte closed 3 belter at 2l6p- 
after 2lt>p. while City Hotels 
picked up 2 at 135p for a tun-day 
improvement of !). Grand 31etro- 
pniitan. interim figures next 
Thursday, touched li7ip before 
finishing a penny belter on 
balance at 11 Bp. 

De La Rue up 

The gloomy economic forecast 
from NIESR led to a reversal of 
the previous day's firmness in the 
Miscellaneous Industrial leaders. 
Prices were marked a penny or 
so lower at the outset and con- 
tinued to drift down on lack of 
support. Beccham gave up 3 to 
657/> and Glaxo 3 to 3STp. Rent 
International opened easier at 
125p following comment on the 
preliminary results and closed 4 
down on the day at 124p. Metal 
Box. on the other hand, improved 
2 to 3Cl4p: the annual tipuro? arc 
due next Monday. Elsewhere, buy- 
ing ahead of respective trading 
statements due next Tuesday and 
Thursday helped De La Rue put 
on 10 to :>40p, after 343p, and 
Leigh Interests add 8 to 17llp. A 
dull market last week on the dis- 
appointing interim results. Avon 
Rubber revived with a rise of G 
to ISSp. while Grove hell niet sup- 
port and closed similarly dearer 
at 28p. The chairman's encourag- 
ing remarks at the annual meet- 
ins prompted a gain of 5 to Sfip 
in Rentes, while Durapipc alirac- 
ted buyers and closed 8 tn the 
good at llGp. Siebe Gorman rose 
X2 to J'Mp. By way of contrast. 
B. S. and VI. Whileley fell 4 to 
a 1978 low of 3fip following the 
annual Joss and omission of 
the final dividend and Morgan 
Crucible gave up 3 to lOSp on 
the disappointing first-quartCT 

Reports or the prospect of a 
sharp rise in the price of petrol 
failed to unsettle Motors and 
Distributors which were belter 
where changed. Dorada, recently 
foiled in an attempt ro takeover 
the British School of Motoring, 
returned to favour and clo-ed 4 
better at 8Up. while Wadban) 
Stringer. 4tip. and Airflow Stream- 
lines. 83p put on 2 and 3 
respectively, while continuing 
support lifted Reliant Motor } 
further to a 1978 peak of 10 jp. 

In Ncw-papers, North Sea nil 
favourite Thomson reacted 6 to 
24-2p bfter the announcement of 
the fin-t quarrer figures from 
British Petroleum. 

Trade in Properties remained 
small and. as business tailed off 
further towards the dose, a 
slightly easier tendency deve- 
loped. English Property, steady 
throughout. eventually eased 

back l to 45.'. p in after hours 
dealings. -Similarly. Land 
Securities shed ii to 209p. News 
items were responsible for 
prominence in selected secondary 
issues. Berkeley Hamhro. stand- 
in-.' a couple of pence easier 
ahead of the annual results, 
rebounded on the announcement 
to close 5 higher at 110p. while 
small improvements were seen 
in Church bury. 23?p, and 
M«> uni view. 3Sp. both after 
figures. Morler Estates. 30p, held 
steady despite lower profits. Else- 
where. speculative demand lifted 
Intercuropean 2t to 32 !p, and. 
similarly. Property Partnerships 
firmed another 0 to 113p. McKay 
were marked 3fi higher to 220p 
after a couple of buying orders 
:md Percy Biltun. recently dull 
■ m disappointing results, recovered 
2 m lG2p on the chairman's 
.iptimistic statement. 

Br. Petroleum disappoint 

Standing 14 higher at S90p in 
anticipation or the first quarter 
figures. British Petroleum were 
immediately lowered on Che 
announcement and closed only 2 
up >>n balance at S7Sp. Other 
leading Oil* caved .in sympathy on 
what wa-s u slightly d-is-appointing 
.statement. Shell, initially JO 
harder at 570p. finished only 4 
up a-t oM-p. Elsewhere. Siebens 
UK touched 4USp before settling 
a net 6 lower on balance at 39Sp. 

Ocean Wilsons. preliminary 
figures on June 12. rose 7 lo 107p 
for a two-day gain of 13 in quietly 
firm Overseas Traders. 

Proceedings in Investment 
Trusts and Financials were 
enlivened in the late trade by a 
jump of 42 to 245p in Investment 
Trust Corporation on an approach 
from an unnamed party. Charter- 
house Group reflected an im- 
proved first-half with a rise of 3 
to U6p. while West of England, 
3'ip. and Dawmay Day, 40p both 
closed around 2 harder. London 
European hardened a penny to 
30p for a rise on the week so far 
of 6. 

Second-line Shippings under- 
went a modest re-rating on hopes 
that the industry's prospects arc 
improving. Reardon Smith ■‘A" 

moved up 2‘. to 40p. while 
Common Bros- I29p. and Hunting 
Gibsou. 144p, put on 6 apiece. 

Textiles had contrasting move- 
ments in Sidlaw, 3 off at 91 p on 
the first-half profits setback, and 
Nova Jersey, up 3 more to 50 P 
on continuing speculative sup- 
port. J. Crowther hardened a 
penny to 33p on further consid- 
eration of the preliminary results, 
while gains of 3 were seen in 
Tern-Consulate, 55p. and Parkland 
Textile A, 82p. Coats Patons. how- 
ever. closed a shade easier at 731 p 
on the bearish comments on cur- 
rent trade contained in the full 
report. Tobaccos had a firmer 
inclination with Rothmans a shade 
better at 06 jp and BAT Industries 
Deferred 2 harder at 293p. 

Following the 14a cents cash 
per share for the equity not 
already owned by the Dodo 
family, Ed works touched S2ip 
before closing at 78p compared 

with tlie pre-iuspenstoa price of 


Northern Mining fail 

Australian issues again attracted 
most of the attention In mining 
markets. The members of the 
Asbton diamond consortium all 
lost ground following persistent 
profit-taking. Northern Mining 
dropped 20 to 105p, Conzinc Bio- 
tin to 10 to 230p, after 22Sp, and 
“Tanks ” 5 to 166p; the last 
named were additionally weak- 
ened by the lower 1977. profits and 
reduced final dividend. 

.Among the more speculative 
stocks, falls of o were common to 
Tasminex, 75p, and Whim Creek, 
ijQp, while Mid-East Minerals gave 
up 4 to 46p. Metals Exploration 
declined 3 to 36p_ Pax toga 
Mining and Exploration were 
actively traded and finally 2 
cheaper at 36p. 

Base-metal > producers were 
mixed, with North. Broken HiU 
another 3 firmer at a 1978 bigh of 
122p but Western Mining a similar 
amount lower at 125p. 

Uraniums were steady following 
news that tile Federal Govern- 
ment statement about the signing 
or export contracts. 

In contrast with Australians, 
South -African Golds showed an 
easier overall trend reflecting the 
SI downturn tn the bullion price 
to S 183.375 per ounce. 

Trading in Golds remained sub- 
dued and losses were usually 
restricted to around } in heavy- 
weights like West Driefontein, 

£21 5. 

Ainou? the medium- priced 
issues, F.;ist Driefontein came in 
for profit-taking and the shares 
dipped 10 to 732p. The Gold Mines 
index registered, a 0.9 fall at 

South African Financials were 
quiet but the London do mi (died 
Financials’ all moved ahead re- 
flecting the firmness of U.K. 
equities and the recent buoyancy 
of bssc-metal prices on the Lon- 
don Metal Exchange. Rio Tiulo-. 
Zinc closed 4 up at a year's high 
of 228p, while institutional huy- 
ing lifted Gold Fields 2 to 178p, 
after ISOp. Charter hardened a 
penny to 137p in front of next 
week's annual results. 

In Coppers Mtaorco responded 
to U.S. buying and dosed 3 bel- 
ter at a 1978 high of JS3p. 

The further improvement in the 
free market platinum - price 
prompted a good demand for 
Rustcnburg and Bishopsgatc 
which both put on 2 to Sftp and 
84 p respectively. Elsewhere. Anglo 
United, ac ItiOp. relinquished 12 
of the previous day's improve- 
ment of 14. 


Up Dawn Same 

Bniish Funds 1 M 9 

Corpus. Dam. . and 

Foreign Bands 9 1. S> 

Industrials 438 148/ 9a 

Financial and Prep. . . ill 42 JO 

Oils 8 8 . 18 

Plantation S 6 21 

Mines - 32 48 SI 

Recant Issues 1 4 23 

Totals 602 335 MtU 

e. 53 l 6.52 6.59 5 

16.431 16.69 M 

8.18; S. I®! B.10| S 

4.8311 4 . 34 B| 4,575 S. 
’ 64.691 49.33 Ot 

72.101 '7135 89.30 J 
477^6j. ; 474iJ - 404>& v 
lsaai t53-e .mja'-j 

"•'5ii2{ 8,56 .-571T. 

16.70 16.82 /15.7Q:! 
7.99f 7.93 
4,479 -4.657 
’aa-32j 6437 - 6&sa _ j 
16.6991 15 Ata 15^41 

Oort. Secs— 7B.5& 69 90 

tJ/l| <hS) 

Fined rut-,.. 81.87 71.70 

10, 1 1 lll^) 

ImL tint 497.8 433 4 

ib; Li • tlto 

Gold Mioen. 168.8 130.3 

r>s; 3 i iw 3 » 

187.4 49.18 

COihtt) (3/1/761 

150.4 60.53 

i2a/U47) ■ (3/lffSI 
549J 49.4 

<140/77) (26(6/40) 

449.3 43.9 

I22/5/7&) rtPilO/7i> 

— Ihuly 

1 Gilt-Edned^ 
ruduntTwe — 


T.rtnls 1 

Irnlui trikiit.-. 


Denomina- of 
Slock tion mar! 

BP £1 IS 

f<5 : : . & 1J 

Grand Met afip 3 

Shell Transport... 2op « 

GEC 2op 8 

RTZ 3oP ® 

BATs Defd 2oP J 

Barclays Bank ... B I 

Midland Bank ... < m 

Reed Inti *2 - 

Hawker Sfddeley 2oP b 

Howden (A.) ‘New* Nil/pd. 6 

Metal Box 5} * 

Ocean Wilsons ... 20p 0 

Distillers 5°P 5 

Closing Change 
price (p> on day 
878 +2 

390 ' . “ 2 

116 + 1 -. 

564 + 4 - 

263 — 1 

228 +4 

293 + 2 

333 -2 

363 - 2 ; 

124 - 4 

220 + 2 

14pm — 
304 +2 

107 +7 

1S3 +■ 2 






296 '. 
35S . . 

3oa _ . 

193 . 
'222 • 
320 : - 
: 1 83^ : 

.S7 ... 
484-' '• 
296, ' 

102 ; • 
: 16S 




The follow Ins securities nuoted In the 
ShaOt. Inlorinelion Service restertar 
d named new HloW and Lows (or 197 B. 

NEW HIGHS (156) 

BANKS 131 
BEERS 171 



FOODS («) 






TRUSTS (101 



TEAS <51 • 

MINIS 16) 

NEW LOWS (22) . 

Trcas. 9 DC 1980 Trcav Jot 1982 ■ • 

Treas. R>:oc I960 Excfioa. 3Dc 1981 
Exchca JSpc tQBO Trm. 9UOCTS83 . 
Trcas. 9 a.dc I98t Gas Sue •90-95 *' . 
Enchen. 8'/vc 1901 Redemp. 3®c 'Sfl-M 
Exchea. 9 'ipc T9 81 Treas. SiiK *08-12 
Exchea. iz\ipc 1961 Consols. 2'mc 
Treas- Bi/pc '80-62 


Ciba Giesv 8<«nc-'82.99 - 

ENGimER!NG-tt) ' . 

British Northron , ’ 

INtJUSTRiALS (4! .. 

Bodvcote intL . . .Dentsplv 9 pc Coo*. 

r 9T-96 

Caravans inW. WhiteteTr-nr. & WJ 


Runcinun iW.i 


First Last Last For 

Deal- Deal- Declara- Settle- 

tngs lu;s tioi* raent 

May 23 Jun. 6 Aug: 17 Aug. 30 
Jun. 7 Jun.20 Aug. 31 Sep. 14 
Jun.20 July 4 Sep- 14 Sep. 28 
For rate indications see end of 
Share Information Service 

Stocks favoured -for th«-caIl 
were Compton Webb. Burinah. 
OH. Western Areas, City. Hotels, 
Siebens Oil (UR), J. Brown, 
Adda International. Reardon 
Smith A. Cons. Gold Fields, 
Premier Consolidated OH, acid 
UDT, while .a. double / was 
arranged in Dorada. ; 



.la niwr r , 

Van Ommeren 
looks to the future 
with confidence 

• wide-spread diversification 

• wide geographical spread 

• know-how in many geographical areas 
and economic sectors 

• sound financial structure — 

these are the reasons why Van Ommeren looks 
to the luture with confidence. 

Recent years of recession have affected all 
sectors of the world economy and 
Van Ommeren was no exception: but we expect 
the business climate to improve. 

Van Ommeren 's experience goes back more 
than a century and it is a name that is known 
and trusted worldwide and that is why we have , 

faith in the future. ; 

Recently. Van Ommeren structured itself inlo 

four main divisions in order to strengthen its I 

flexibility. These are: j 

• marine division 

• bulk storage and inland distribution 

• agency and transport 

• trade and insurance 

The major result of this new structuring is 
increased decentralization. The management 
sees a positive e/fect here particularly in the 
new enhanced return on shareholders' equity. 

Principal points over 1S77 are as follows: 

in millions of guilders 

turnover 400 

cash-flow 56 

nel income 2 

invesiments 61 

shareholders’ equily 510 

long term loans 211 

ratio of own funds to borrowed funds on long term 1 : 0.4 
net worth per share in guifders 542 


Van Ommeren's certificates of shares are listed 
on the Amsterdam, Brussels, Frankfurt and 
Hamburg Stock Exchanges. 

"Full details are grven in the 1977 annual 
report, which r/ill be sent to you upon request 

Phs.Van Ommeren N.V. 

Publie Relations Dept. 

P.O. Box 1923 
3000 Bx Rotterdam 

Telephone: (010J-64 21 27 j 

Terex; 21435 / 

lljilirn 1-I1-1 


111 * 



Li-in. I'lni.n 

Cl 'III. l.'liliOl 
L nils, i 
t.MII. Ii.ilrl 
l mi 
(.<•1111 Kill. U 

f. lit 



t.miii Mol. 

( i ran* I M-l. 
imri'l Met. ’ 

It" I t 


LRtl‘1 i 

Lam I 

.Uai'L, \ ff|i. 
UarLoA ?ft. 
MhiC-A. -|.. 
I .•IR*- 

KT'rrH, Ll,-!l>t •O'.sm- CU^nu. | 

H-I.1- ..till •ilfir »n*-i ' n *. ‘.I*** - 

341? I 2 
20 Is ; 2 
101= 5 


- 878f. 

- j 145ft. 

12 ' 178p 



— i 116i. 
2 ’ .. 

12 } .. 

27 390p 

- I 564 V . 

These indices are the joint 


compilation of the Financial Times, the Institute of Actuaries 
and the Faculty of Actuaries 

Thurs., June 1, 1978 

Wed. Tues. Fri. 

May May May 

31 30 08 

FiKurM in parentheses show number of I*«1 ck Day's 
Slocks per section No - 


21532 403 17.45 
19136 +0^ 17.95 

3 4632 +13 19.71 

45431 -03 1539 

32034 +0.7 18.43 

175.08 +0.6 1831 

165.05 — 1735 

Ratio Index Index Index 

(Not.) No. No. No. 




5.56 aoi 214.70 211.96 21252 21357 

5.67 7.98 19039 189.66 19031 lfU4 

3.94 7.43 34253 33952 340.91 344.49 

3.91 938 455.62 444.48 445.47 448.44 

6.36 735 318.14 314.95 317.71 319.71 

6.07 7.44 173.98 17123 17117 17119 

8.49] 7.87 16512 163.73 164.60 166.01 

16.92 4.84 831 195.94 19428 19439 194.42 

15.13 3.73 9.32 22926 227.D2 22720 226.93 

16.21 6.35 E47 17652 17613 17652 176.46 

19.75 635 7.14 125.04 12425 12400 12431 



132.28 ( -0 . 4 

183 27 
259.58 +8.4 
10838 —02 

200.29 - 

285.97 -02 

261.42 -05 

13703 +0.2 

431. 12 +0J. 

206.17 +0.6 


*10»/ *'.l\ - f .J I M S' t2. 

I'.l*. 2 •*! MOi. ■ tv?i|. ViM«ave»«... I'* 1 ?'? luw. I'ni- 

j,-96 £10 32 9 Ifti, to • 'Baruel 12; l.VL lit"? 

. t^,. i-.y yy If *-' • 

>-£37.65 £10 20 7 I'/U li-»« frees Water 1“ i:«i. rrvl. IfZj 

• • y\r ;n 2r> ‘ .tirirk Jtflirtt. !•'. '.*•*?.. 

**99 i*S0 2b S 3,< 1*4 47;4lil>rM«l h 'U*n. H t 

r.i*. - i>.i yj iliutiv i .*.n ,v - 

- i.»\ 9e i — i i>sft «4.' 

jOO|.. — 23 6 t*n,. «i ? I’m*"' „ i «•*>•. P«t 

• • r.r. — uo •/* •* 'll- •!.' I'H I'o 

Cl OO r.r. 266 h>: J. !«-<•.« f 4 .Un. L«-. Lu.l-'-.' 

t98i, Liu 19 l • - Tvne A >2 J , I-'-*'. 

•• IM*. 16 6 {<•*'-! Wade f\H«- r.r. U>> »V#-f 



63 Discount Houses CIO) 

64 Hire Purchase (5i 

85 insurance i Life) (10) 

Insurance (Composite i (7) 

insurance Brokers ilOi 

Merchant Banks U 4 1 - 

Property (31) 

Miscellaneous 17) 




331.85 -03 

8133 +1.0 

235.97 -03 

10738 +0.9 

203.63 +0.4 

100.87 +1.3 

316.89 -03 


IS 6 7 7 !• Ui«-nt •. !« i«Knl« 

I’.l*. ij -Jr !'»-«•• !•»••«> )»••»» . 

; | n,n ' •>. riAl MnV 

.Nil 9 6 7.7 .x pin S2APW.O ««'A' 

Nil ■ _ . SftMM tii4#*'/, 1'ari. In-U.. . 

MS , . . — . ttpu> FUo-l-raiid «i-.M 

C.P. 26 S ZS 6 I'* - - ) tfti ;R..rt>..n .Mi-I nti-* 

Nil • — 14,. n. 9 |*«m >\l< viui-'.ril 

1.1*. St'5 2S 6 «(<•» I 3A»V, !(••<» «tf»e , 

la.-a 9-0 1-4 I Suttrm — ... 

»M-. 16 5 X3-6 If*- ’ la* Tumor S 

No 5 6 17 7 a*|...U S*|«m:»**>** 

..' 167gmi . ... 
59 , 

•I ■ 

28pcni .. ., 
j 20|.«.j 

I 90 I 

, I 14,. it, ... 

.. *02 

..I 1B4 
, 1 Sii'i 




1 >.■»!' ■? , 
ch.inec j 

xd ad i 
To-dnv | 

xd ad i. 

1078 i 
to Ualn- i 

134 75 

-0 17 











-0 33 







11.63 1152 

1282 1276 

1324 1328 

1163 J 1159 I U33 

/ | Kv-rxiMialwn Bate usually Ibct nay lor dealing ir-«- of sramo i n u ry. t» Kljcui^s 
/ Inason un oru* ns -Tiimai-. □ Assumed divMenn ami vieffl. n K. W ecaST llwkionn 
y | v-nvoi hasof ur-v-.nip. tear s Mrainas- » Divirtenn /» 1 vicfn bastxi on prmpeenn 
^ l ul oln .., ..|T». 1,1 —.-W1.III-* lor IBTB i i-Kiirrl avminoil r 'Nn-.-r 

ii>i umvvniiai m siioi-s m>i miw ranKirg iof dlmfieiin or ruuKins only tnr Teatncieti 

•iviO. Titls. i H'.o tin. uriL-v Hi imUtli: l»l P 1 IR- ■**•«. utlKnmr ir,ili,.4h-U. f l#m« 

OV lender. : niiomfl , a nniflers oi ordin-rv -iiurea tn* 

07 was ul Capua |p ai if.n. r, gAiBimuin lenflcr nrlce. 9! RcinirOdih-en. « 1sou.n 
in cnmirctinn with rpun/unLuttoo tneruer or mke-nver Ifll lii'rmlnciion. — ] Issueit 
m iai-mL-r hoMoia. ■ Ailomwor fi-m-rj (or fuiiy'jjald/. « Proviawiul , 
or panly-D*ri aliolaent loiters. * Will waurranu. 

■ i . ^ _ 

5 ao-yr. Ketf. Deb & Loans (15) 57.34 213.95 57.34 57.35 57.37 1 S7.ssi 57.49; 57.39 97>28 aio* 

6 inv(MUn«ni Trust Profs. (In) 92.91 j 15.4* 52.91 5t.7o' si 75 ! 5 i. 6a S i (ti8 bijb 

7 Cf,n,J - atld ,nd ‘' <“ 0 ' ; 71 ““ 71.95 • 71.83 j 71.90 j 69.89 69.92 j 70.35 ? 

t Redemption yleW. Highs and laws retard, hast dale! and values and tnirrtnueni".-hs....n. i- . : ‘ 

/f8m PubUstK "- ** Times. Bracken \' 


iJrtftitnuTi I 


jU’j)! u” 


Abbey l 5 nit Tst- Wrts. Ltd. (a) 

Cartmoi* Fund Managers ? (aWgl Perpetual Unit Trust Hngmt.T (a) 

%B81U *** Management Ltd. , 

1 ^ ^Cr WwhS L t EC3P3IUI. 01-6ZU2Q0 

72-80. Gatehouaa Bd . Aylesbury- 0286 59*1 2. St. Man Axe. Ei3 A Sill 

Abbey Capital--— |32.9 35.01+0.11 *82 IriAiwnranTnL— .1286 

Abbey Income .. .1394 4Lg +Qi 5.65 British Trt. '/P tc.i 

Abbev Inv. Trt. FlL. 34.7 SAW +0.1 J26 CanurtoaUVShaix- 

AWwrOetL,nt_-^|45.9 «8j 4QJ| 18? iri Far EteJL Truci 

- — — PmUolki Ete«l__ I i3Xj j j oi-e=i42 

. StetfoltaCaptaU^teLl mj — 1 “ M»«k1PujuJ — (149.9 156JJ .. .J ~ 

Z GrraharoLife Soe. UA v 

“ = r»tae* o* Woles Rd. B’amuJh. 0302 787655 JV'.'T Z f^ and In ®* C °" 

— ■■— CX. Cash Fond M .2 ibiv Muldbnd House, Southend SSI 2JS 0702828 

.’■"" _ GJ* Equity Fuad— 0058 353 I'' Z KWRayinv. Plan.|U75 1«L» . — 

™ G.L Gilt Fuad pis SsS T UU 30M +0.5 - 

. CLL.InU.Eund. EliT 177H __ TwhaoioffPo 1044 1W.1 +DJ — 

17- Z G-X-. Ppty FnadU _|5 £jl TM*j __ E stral nr^d. 101J> 106J +0+ _ 

Z Growth * 8ec - Life Ass. Sec Ltd* F^^Fa^ZZlioM 110.7 Z 

Z ^B ? bk.a« y ^ J ^ n n n es.Bem. 0G»MaW ““ *** - 

Flexible Flnimcc_| fljQ 64 I +UI _ Ura ' Be P° sll rd. — 46rt 10U| ~ 

;;;;;. Z. - Norwich Union Insurance Group 

3y Tuesday. U4S. Super Fd.„j 0.850 |<4jn — P0B«x4, Norwich NR 13NG, 06CB22B 

Co. Ltd. Guardian Bnyal Exchange BSaSypte^^Z!- 3417 I597 +u Z 

S?* 82 !£5£S»j3&g «. °T 71OT SE SK • ” = 

Z Haabro life Assurance limited ? No.-. VnftMwris.-.. 206.6 \ - 

J = ■ l^ J f ^ k ^ e|Lo l^ wl om»003i Phoenix Assurance Co. Ltd. 
18«+a.d — FhtndInt.Dap U24.0 «15] +0.D - W.KlneWWMunSt,Er4P4HR. 01-83996- 

jAlIid Hambro Group la) (g) (z) 

I KambroHse., Hutton. Hrrniwood. Essex. 
01*388 2851 or Brentwood iOZ77> 21145) 

Balanced Funds 

AlltiiiW 1653 

ftrii. Inda. Fuad 62.7 

Gith.&lne — 36 b 

Elect. It I rat Dot. 332 

3l 87 iri For East. Tru<L^ 31 4 
Hich fncumt-TM.. _ SB t> 

IncoiucFund n.9 

Inf. ACenclec 13 M 

Iml.Exempi Krt 87a 
iz'ln(l.T^L(ACk'..--_ 31-9 

- Allied Capital 7X 5 , 76J 

~ I HiUPbro Fund 1942 Ul_5n 

S3«3 r 

Wealth Ass 

Eb*r, Ph. Asa.— 
Eh'r, Ph£q£. . 

128J +14 _ 

1»J +0.1 _ 
UB7 -2.C _ 

134.1 _ 

3»l = 

Hambro j^cc. I'd |118 l9 

lacetnc Funds 

HI ch Yield Fd 1688 

Hieb iactuac wo 3 

AH. Eq. Inc p09 

Intcrasit w i Ptond* „ 
International. . ..125 3 
Scts-of America. ...1531 

Pact fir Fund- [39 3 

SpcriaiDt Finds 
SmailerCn.'sM.... 349 

ZndSmlr.CosFkL- 0.0 
Rcrorciy Slu....... 84.7 

MeL Min. It Cdly. . . 40 3 
Overseas Kanina*- 58.7 
ExpL Smlr. Co's .„0(ZU5 

482 inA iwri ran 1>L— .1286 308UI+0.4I 018 PpotualGp(Itb.„ -P9A 

5.65 BrilithTM-'fVrc.i.. 55J 594* •'OjH 342 n> .... ~ 

4 3h I’onunoaillf Shan* „ 1562 lMfad -3 7| 2.79 Piccadilly Utllt T. 

3lS 7 iri Far East. Tni<L_ 31 4 343 -OJ 094 Wardg'!*Hse..5BaLand 

ttSRKiz- as m ra aaasa - -jas 

&ffl5Trtrr»r 'W 0 % 1% fgKttssm 

iz'Intl.TkL (Acc.: __ 3L9 - 343! -0.4| 1JB 

- Gibbs ( Anton V I (.'nit Tsi. Mas. Ltd. Accumhr. Fund. _.M.2 
SB 23. Blortifie/d S l. B t'231 7NL. 01-5634111 TjgtortwgPtaitLJg t 

s$ issa.SKiSn-L|as sa-..j s.s tz’T'.T .r 

434 ia)A u. Far ta-.i ’ _ |z2 s 24iJ j 030 PracGcal Invest. C 

5U lA-ulina *T C «. tTWcd. 44.niooimbup.-Sq.HtCU 

543 tat AG Inco.w... laid 

liD,V,t.'.Cinouihtt ._ 39.1 

Z..I 434 io?AG. b'arEa-.f_|228 

01C83353I iflila.tSU.IIciL'er or. Thames 04M2S888 ■ 1 

+0.41 018 p-potuallip fjtb.„ -1393 427] -03| 3-52 _ „ 

-ojH 342 n4_™iiti„ ,i mS , t TMUfmAi .\Tbuth not Secnnties Limited King dr Shaxson Mgrs. 

ill JS PG. Box 284. St. Heller, Jersey. OSM 7377 VS uc Ou*. OHcU^. 

-DJi OW UftTdg tf H^e.. SOB LOnddUK wall ECZ VODWl r . n Kn lTQnnt I AM V»»ftp Usmi ffl Prtw FWL 

RrtHJrtes-t'.-.B.O 3431 +031 9.40 JSiBgVwSH H 50 lS^SSlO.11 

TXS Ik b=»JJCt>»F*i (CJ 442 +0J 4,64 Vj ^ t.t nti 'r^r 2ZLB J 3.JO '^ili Fond tJeruer) 

Jffl 1-2 Capitol Fund. W.O 503- '♦W 339 4 GlUTrurtlLoJU 

S S 5'2 ln ’ F™' * • 5 kS»Cls. (473 505 -0.4 J.43 Clll Fnd. Cucms 

-0.4| 138 pnrau-Fuao wj f03 -o^. 3.41 Australian Selection Fund NV • . .. r _, 

BS. Ltd. T«hSloiwPM'd"CT7 61W ^OJ 4M afathet Opportunity ea. cio Irish Young & nntStw!iae.Z -IJ81J 3 

01-563 4111 Ea?t?S F “ n 1273 291-04 3.00 Outhwaile. 12T, Kent St, Sydnej'. Fimfntl 183.63 11 

. I Uj SmIu.:.!! 2673+0:i] £8 WaiSh*™* 1 3US153 I I- 

-I 2S Onefin.1 TnvKt Cr> UH V iv-He) Bank of America Internationa] S-A. Klelnwort Benson Limi 

,4. ini ub' « ■> 

!•* Pnrau- Fuad 


sseta. p7J 
lid 1621 

Next sub. June B. 


(MSI 1 24701 

:.::i uSo 


ill lA-ulimj •Turn. tt» 

453 Goveu (John IF 

_ 77. London Will EC 2 

American Fund <251 267d] to.i] 

Practical Invest. Co. LuLV lyHCl 
44. niooimbur- Sq. V Cl A 2RA 01-623 
Pndieal MB}- 24. ..‘147 3 15M I 

G1U Trust ILoJLI 
(lilt Fnd. Cucms 

TntL G«i Sco. IK . 

Firs Sterling.-. - 1 *17 MAH —J — 

Fun Inti 183.63 18433] 4 — 

Klein wort Benson Limited 

Acoum. Units. 

Di-enaan 38 Deulei-ard Roral. LuxMnbount Gb. so. i-encnurcnsr,. t 

! 4 a Wldtnvmt Income. PT5W99 H0SS| ... .) 656 F - 

I s a Pnces at May 23. Next sub. da)' May 31. Cuemgeylpc 

, M STiWr Mac !9 iim< 
f5 Du Accum l ml. Jl65 6 

180 Provincial Life lav. Co. UdV 

Bnk. of Lndn. & S. America Ltd. 

"■ ' Next Jcaling dai June 22 

2_5i Grieveson Management Co. Ltd. 

2.02 50Gn»hAm.St.EC2r2DS. 01-691 

2-37 Barrington May 31 .13043 213 91 1 

222. 5irhopssatc. EC5 

FrnlifiC Uaiu ...... 1823 

High locomc . |U1I 

01 2476533 4068. Queen Victoria St, ECA 01-93023 
BB2I+D5I 3 IS Alexander Fund- [R-S6 91 - H)21| — 

- - - — Net usmH iShK June 1 

1823 8821 +0 7 3 16 

juiO 11S9H) +DSl 736 

lAceutn i'Aih> .. .. 22L4 

SnwilerCn's Frl.... 34 9 37.3) .... 469 1 J 

Znd Smlr. Co'a Fd.. 43.0 46.0 ... 537 i§S™vwi%f' ~ nH 

Itccutcry Sll^. 84.7 906a 5-96 - 1 — *'4. 

MeLMIB-aCdly... 003 «S I 531 1 "<«• - -BS5 

Overseas Ram Inin- 58.7 62.8 4.46 

Em. Smlr. Co's. 2 m| .._.. 534 gfJ^b. n &,:.70J 

Anderson Unit Trust Managers Ltd. -|7=.6 

a»3l ._.3 ~ 

Prop. Equity & life Ass. Co* 

1M. Crawford Street. W IB SAS. 01-4 

K-SUkPron Bd._.| 1783 | 

Do. Stsaity 2d. 725 I 

nnSawBd I 147.7 I 

Prndl. Portfolio Mngrs. LuLV laHblic) Banque Bruxelles Lambert 

SL9* -2 TO Hoi bom San. El’LVSN'iI 01-409BC22 2. Rue D* la Resencc B 1000 Brussels 

iwsSifliJ 70S Prudential. |1260 1M0|+L0| 443 Renta Fund LF BJB49 LW6| J 

20. Fenchurch St. EC3 

... I 656 BuniwesU Lux. F. ! 15H , 

■ Ma»- ii Guernsey loo 633 67. 

WS> 31 - Da Acvum. 252 83.1 

B Ltd. - KSFiirEestFd SU510.62 

in KBlntL Fund SUS1UZ 

01-M02313 {{g jnnun Fund SUS30.19 

-0-211 — KB. L\S Gwlh. Fd- SUSU-SOri 

Signet Bermuda .... SU5457 

-unLoadai DM\ 1220 192 

•EE an as London paying «j 

01-623 BOM 
-11 352' 
.... 4 17 


.... LSi 
-DJi 205. 
_ .. 083 

. . 0.79 

►054 154 

.. .. BIS 

paying agents only. 

78S Prudential .'|UfiO 1M0| +L0| 443 RenUFuadLF R549 LW6j J 7.86 Uo>dS Bfc- iC.I.) U/T MgTS. 

mj]+0b 7 .b Qn uter Management Co. Ltd* Barelaj-s Unicorn Int (Ch. Is.] Ltd. 

193.9 .... 177 The SU. Exchange. ECUN1HP. 01-8004177 l.Cbartng Cross. SL Heitor, Jny. 053477741 LW ^ N^dwdSdate JuS* IS. 

2-81 Quadrant Gen. Fd. ,1104 8 
2.81 Quadrant Income —[1241 

423 Overseas Income 
755 Cm dollar Trust 
Uni bond Trust „ 

•Subject w tec and withholding taxes 

Lloyds International NgmnL SJ\. 

r.3 - BtpL Smlr. Co's .„e035 "Z| 534 g^Xy-rfi iH Il2 7J ° _ 

Anderson Unit Trast Managers Ltd. tAccwn Umtm. [72 5 75.71 | 4J2 Reliance Unit Mgrs. Ltd. W *Subject w lee and withholding takes 7 Rnr du Rhone, p.p. Box 

O1-4M0K7 188 Fcnchurch Sc. EC3M 6AA 8238831 Goardian R^yaJ Ex. UnitMgK. Ltd. Barclays Unicorn In t. (L O. Sian I Ltd. ^dste L Growth .[gma 

"TZ n A«i-r« n U.T.^hS l 50 52M] ._| 443 MdMmm «« l 1 sSSStefiJSzdfeA S| 1“ 1 ttam SU Douglas. Lo3t 0824 485C ^ 

--4 — . , v-_ ... tagiGoardhlllTsi. [903 BJj *051 431 SetdOTdeT.lae—Kfl Mji-*o3 549 UtUcnmAust.ExL.B3J 57 J] +UI 160 M & G Group 

lEi = 


x3 ‘^-i 

r. Co. Ltd. 


Hearts of Oak Benefit Society 

U-n.TBristock Place, WC1HBSM 01-3879080 

Hearts of Oak^__.pfc3 3&4| .. .. ] — 

Hill Samuel Life Asa nr. LUL? 

HLCray. 01-0864399 

1 ' • rL r _L? 4 - • 

>lBe Magi aoZ 

Life Assor. Go. Ltd.? " 

RC3L O MBS 1288 

-1-1 H8J6 1 1 - 

Assurance Co. • 

Biteis Bar, Berta. PBar 51L22 


Property Growth Assur Co. Ltd.? 

Leon Boose. Crqydon, CR0 1LU 01-880061 

^typertyFliud-^.. mi - 

Property Fund (A). 176.7 — 

Agncoltun] PuDd. 7469 — 

Acria Fund < A). " 741.1 — 

Abbey Nat Fund... Z9U — 

*“““■* 1511 - 

675 - 

67J _ 

17LB +15 - 

17U +15 — 

1393 — 

138,6 .. .. - 

111J .. .. — 

1204 .... — 

120.4 - 

179 2 . . — 

143.5 — 

Ansbaeber Unit Mgmt. Ca Ltd. Henderson A dmin istration UU (c) (c| p; l iirpnp| l 1'ifanair*ni«it rid 

l Noble St, EC2V7JA. 01-623 6378 © w w Ridgefidfl .Management Ltd. 

Inc.UMtbly Fund. 1162.0 172J| ...._] 850 Hcndcnoti A-iminurwUcn .<>< , c v .gi <n ffi%£ 4 A? M **™ rt J ,a ,lttaetede r 

lArimthnot Securities Ltd, faMe> £5Snro««d i^eK 11 " 5 **"* lei * 11 R ce77-rj7^ra MMMdint.L*T.{MB i 

[37. Queen SL London E3?4R 1BV 01-236 5261 he Fund* Kidgc/ield Income 193 0 99.M -4.0] 11 

I But™ Income Fd... 105.8 113. Sul +0J1 UJ5 c»pu Growth kr .. mis <5 3| .... I 354 Rothschild Asset Management <gj 

High Inc. Fuad ...... 41.4 44.M ,. .71 9.07 Cap. Growth Ace. ... M i -45.W 354 — Ca ,. fcl _„ R(L »_!«hurv ICT6" 

6lAcCwo- Units! 558 60Jj *0.3 9.07 lpcoilK-fi: A-:ids. |l2_2 3i3| 6.2S liu t ri« 13 

iHi-o. Wdrel.L'ls 1 55 5 553+01 907 Hj 8 b Income Kuodt *?£ '%2?£Sftr \vfc\ JtSS"” M 

9681+0.11 ~ 

High Inc. Fuad. 41.4 

♦tAccuiu- Umlsi 558 

iHif a . Wdrul.l'ts i 55 S 
Pm ercmf Fund— 154 
tAcrum. Units'.. .. 37 7 
Capllnl Fund.. ..160 
Commodity Fund .. 564 

lArcum. Untu* i 013 

ll0°- W dnrl.U ). -.495 

Fin.A Prop. I'd. 17.2 

Gmnts Fund — 40 1 

lAemm. Units) ... 463 

Growth Fund ... 34 B 

i Ac cum. Uniusi <0.0 

Small cr Co's Fd 27 6 
Eastern 1 IntL Fd . 24 1 
i8*iWdrwl Uti l.... 10.9 

Foreign Fd 02 4 

N. Aiuer. & tat. FU 30.6 

MJ *01 
27 4 -0.1 
40b -01 
19 5 

tDhi -0 1 
8? B-a 

53 3a ..! 

U.1 . . 

432 +0J 
Ml +0J 


wn*if-ia iudge/ieid income (93 0 99.0*3 — 4.0f 10.49 B is hops ga te C 

531 .... | 354 Rothschild Asset Management (g> P.a Bo* 42 . douri 

M 72-80. Gaiefconsp RdL Aylesbury. 0396SMI AE5JAC-Mav3..„ 

' 3| 1 6 25 N'.C. Equity FiuuL.. 11655 17601.... 196 CANKHO*;il«=. 

Srf I DM NC. EnCV-Res T sl| 1125 119.3 - ... 250 COUNT-Mw 

5^ N L-. Income Fund .1480 157.4*3 6 58 OriglntUy iwi 

9 91 ...J 0 43 iN . L -. inti. Fd- ' Inc. fe.7 9*3 L7B Bridge Manaei 

341 .. 1 4 53 N.C sSlr rc^Fd'BsO IM.| <11 W »« =08 G« 

1 Rothschild & Lowndes Mgmt. <aj G^a^so. k 

-O.J 17J2 HI cb Income [59 4 
-01 12.12 Cabot Extra Inc |5b9 
. , Sector Fund* 

1 5 g Financial 6 1TV . 123 8 

t-K Oil&NsLRc* . (27 3 

36.7 -0.1 
43 2 +0.1 
29 7a +0J 
26 3 . 

26 «. ... 

911 . 

33.0a I 

. , Sector FUndu 

“9 1 |g Financial 6 ITU 
■ |-g 0116 NaL Rei . 

. lalrnuUooal 

:j * j |S SS5U- 

to] an WWdWldeMay26. 

+01 2 91 Oversea* rand* 

+D.2 US Australian 

tot European 
: 149 Far^U . . . 

Chi. Au* Mm R3J. 39W -0J 1.70 

DaGrtr.PaciCt_f£j &sJ ..... - 

Do. Inti. Income Q85 4151 8.40 

Do. 1. of UanTn 5Ui 850 

2.72 Da Manx Mutual.. _[S 6 275] 140 

049 Bishops gate Commodity Ser. Ltd. 

') P.O: Bax 42. Douglas. Lo5L 0624-23911 

iholdlnc Dccea 7 Rncdu Rbooe. P.O. Box 17B. 1211 Geneva 11 

[LO.M M1 Ltd.SS,^^;gS3 ]JJ 


5LS +Uj 180 M & G Group 

Tzj — 19 Three Tower HDl EQR 6BQ. 014=6 4M8 

MAC -Slav 3 UOTM ■ SUH I - 

S-RHO-llayS^BjWa 1M - lM.uld 

JNT-lSay-2 |OJ37 Z47W . . J ill Apollo! 

Originally issued u *SJO and "tl.CO . Japfeat! 
Ills* 1 III 11701X1. 

i-Zjj Bridge Management Ltd 

<J4 70. Box 508. Grand Cayman. Cayman Lb. 

N7>asbi6Uy3 ,.| \T5JC ] | — 

I GJf.O. Box 580. Hone Kong 

KOinsctlun cownaes vigmi. lai Gj*.a. Box 580. Hone Kaag 
f?2 Si. 5nilhln6 Lane. Z*da- EC4. 01-82843S6 Nippon Fd. May 31. WSB32 1*44] _... | 076 

162 rnnn Vmnl I * XT Ex-SXOCK Split. 

axo New Ct Exempt -.1022.0 129 JH 
• Price oa Hay 15. Nest dealing 

JH . .1 )U 

ng June 15 

Ex -Slock Split 

Britannia TsL Mngmi. (Clt Ltd. 

SOBaihSL.SL Helicr.jeney. 063473114 

T80 North Ajnrr 

x 00 N.Am.Grs-:.3lat2a..llSSf 125.9a 

CabMAmcr.Sm >jo. |50.0 

Archway Unit Tst. Mgs. Ltd.? faKc) Hill Samnel Unit Tsi. Mgrs.t (a) 

317. High Holbom,WClV7Nl- 01-6316233. tSBeecb Si. EC2P2LX Dl 028 

Archway FUnd (SZ.6 87.9c|-0b( 581 ibi BnU-Ji TruM -1149.0 U0.3afi —0.71 

Fiiccb XL June I. Next mb. day Juno 8 nplul'1 Tron . . [57.5 no 3] - n * 1 ! 

177 Rowan Unit Trust MngL Ltd.?(a) . MBmhSL.SL Heiier.jener. 

5^5 CiivGatcHw . FiDi0urrSq..£C2 01-8061096 StorilBx ttnomiaoMd Fd*. 

.American May 24 _ MO 7251 . . 0 9« GmwtglBi'eal m.7 -35. 

20 Fecuritjes Uav 30... 162:0 17101 .. ... 4.48 1 ntnL Fd. _ — J732 79. 

High Yield June I _ M5 57.S ^-83 758 Jewey &«T2rTsL .04^ 153. 

°- 50 .Accum-Unll*. 76.8 8D.« +0.4 758 Unlrf.STrt. to.....K2Jl 2 j 

Merlin May 31 778 8L7( 4.01 HighlnLSUg.Tst.*. ] — 18 

ami i Aectun. 1'rutv 95.0 99.9 .. . . 4.01 (}x Dollar Dewmlualed Fdx. 

Samuel Montagu Ldn. Agt& 

1 14. Old Broad Sl_ EC J. 01-6888451 

Apollo Fd. Bay 24. ,|SF«J20 53.40) .... I 381 

Japfeat M»y 15..... — »KI0.31 Ilia . ..I 1.17 

llTGrp- May 17 nJSUffi 11W L9S 

llTJcreeyMay 17_pJ2 55ll .1 0.75 
1 17 JreyOa May 24 .in? IB lZJB]*O.04| — 

Hum)-. Johnstone <Inv. Adviser) 

163. Hope St _ Glasgow. C2. 041-281 MSI 

•Hope 5L Fd.. I SUS32JS 1+0J8I — 

-Murray Fund ) SU510.B8 -0JS( — 

•NAV May 3L 

Barclays Unicorn LUL <aKg)?tc> 

Co. of Canada 

rd. 712S3 

M=d z 

F0It 98S ,._J _ ■ 

Provincial Life Assurance Co. Lid. 

•5B (0-8028876. 

r. I . J Un Irani Ha. 2S2Roai6>mRd.E7. 

n a ,^ 7, . Unlearn America -OT 6 361: 

01-247 8533 Do. AuM. Ace. 714 77. 

— Do. AusL Inc. 566 61. 

— . Do.Capllul. 665 71 

-0.1 — Do. Exempt Tin 1896 1142 

— . Do. Extra Income .. 27.9 . 30 

.... — Do. Financial S96 644 

..... — Da 500 - 726 78. 

361nl +0 II 

773 -0| 

iblBnbdiTniU _ 149.0 
UP Inll Truil. . 375 

i£j Dollar Truit .... 78.0 
(BiCapiLnl Trust . 299 
01-5345544 (hi Financial Tnsl 905 

+011 ill tbj Income Trust 27 4 

-0 4 1_S5 IbiSccunlyTniil _. 3.6 
-D4 165 «bi High Yield Tcu. 298 

*0 9 aia IntcLV ww* 1 
♦ DJ BJ8 14 Chriaopher Street. ECi 

>.T iai .Merun aiayji ii/ji bl#i 

Dl 6288011 ‘Aecuw- Units' 195.0 99.?.... 

—0-71 553 Royal Tot. Can. Fd. Hgn. Ltd. 

Negit S.A. •- ’ 

x m - 10a Boulevard Royal. Luxembourg 
tso NAV Stay 26 1 SVS10J6 J | — 

1200 Negit Ltd. 

Bunk of Bermuda Bldga. Hamilton. Brmda. 

B3 5 tO 2.42 34, Jermyti Street. S.'*' 1. 

4.01 U& Dollar DcaamiBatcd Fdx. Bank of Bermuda Bldg*- Hamilton. Braid I 

UnhrsLSTct BCSSa 5.471 — I.J — NAV May 18. |M.71 - J J — 

lnt. Hush lm. Thu- — SL'SLflSi . ..] 9.00 

29 4«d+B.l 746 

565) +05 511 

3153+0.2 8 03 

01-8298292 I v«ine May as. Next Dealing June & •initial Ftoeniz International 

4 69 Capital FiL. li»25 725) . ... I 3.61 offer closes June IE pn — c, pyj— . p— . p,,p,-„.^.ir 

7% ,B !3e^ I 1Gr9]l?Mot d«S i» isf 2 Brown Shipley Tst. ». 1 Jersey) Ltd. imcr-Doiior Ftmd-fia* 2J3] - 

8 03 Save 8c Prosper Group m. en * y- 9.99| .l^xtoo Property Growth Overseas Ltd. 

tstLi ?faaarsMr ■—«* ?*°*****° t ^ sssssn—m ■ ,ci . b, * 10# 

-t-051 5.07 lnteLlnv. Fund |B8.7 

__ 6B73 Queen St. Edinburgh EH2 4NX 
01-24> 7243 Deoil ngs to: 01-554 8339 or 021-228 7351 

9551 -»1 650 Save £ prosper Secnrltic 

JL Flnobuzy Square. ECZ. 01-828BB3 

BlueChpJunftL__t7L9 - 7551+051 450 

MntiH^i^d Fund C206 23221+051 — 

S^M«LJtn»el_B73 386.41 +18| — 

PrDp.3tod.GdL__h»5 a»4 I — 

tnnj i 8t Hhn*ff |yp- 7 Ii) . . 
5Z.CbcnhtU.3QC3. 0L4335433 

Bond !U Exempt _hB658 U7.73) J - 

Next dealmit date Jana 7. 

Govt Sec. Bd. __ZTpi962 125.9IJ .....| - 

ianghim LHe . Assurance Co. Ltd. 

UmghamHx.Hcdmtxroo6Dr.NW4. 01-803S211 

l.ingtam ’A- Flan-1648 .'. 6761 1 _ ' 

Wrap- Bond &4t9 14 r3 — . 

Wisp (SPrKan Fdp56 7VN — 

5™ IncmitK Income Fund 
^ Hush-Yield 153.7 

- Fund W5J- 18MI..+-4- SI . ^ Key Fund Managers Ltd. (aNgl inwromionai ran* 

“ Prudential Pensions Limited* ' DaUrowtbAet wia «4.d ^-oi 4.17 ssiMHUt. Etavajt oi-oostotb. capital _.]364 

0^05*32 ^.jramer^ ^ |« SfessrA&. S! SS {S£aiasr=lW 

M :r \ z ^»r iuo 4»7^ +04 saanB'—a? 

— Pnip - F- May J ? S35.4S 2684) — I — Oo. Trust .-<? Fund -.113.4 1226 UoJ 5.05 Key Fixed Int Fd.. 604 6C2 . .. . U.97 HiUh-^ieid — ....153.7 

SSS ~ ReliatMw Mntnal Do. Wldwitto TruslMSJ S3iUoj 1.58 Key Small Oo'jFd .193 B 99 7 +0.91 650 H3gh taentae Fund* 

“ ZSEJESL 06822^1 ntA iS Benson Unit Managem? Eg£*? = /£ 

387731 01 T 5433 ^ 'V ' Baring Brothers & ca.ul? ,aXx) S5B5^*JjK «5| f?S ' 

Bond w.Sggtpt-fiB63B_ M7.7R „...J — Rothschild Asset Management aa.Lead«ihaUSi,EC3. oi-fiaamm *eb. U nitFdAr_._[b6 o u52| .. . ! saa tiK Equi ty.- — |o.« 

rtnrt Itoe. r I — St SwtthlniLaiie, London, BM. 01-8204396 SoUonTM. 11675 175.0) ...I 420 KB.Fd.Iov.T-aa._ts 575) .. . .1 458 Ovcnwai Fnuliiil 

^nZn;ilfTio!uWrrii,i N.C. Prop. Mar. 31- 0345 12LM I - DaAccum. P08J 217.0 42# L & C Unit Trust Management Ltd* “JE-ZZ: &5 

mi^Ul Ne * N ” 1 Wb - dJ,Sf 3 “ C 1 Sroex Echnngc. BC9K M P.. 01-588 2600 L' I “Z ZI_b« 

*** !»««««* Group Blshopsgate Progressive Mgmt Co* JJgi5ST^ n rdH^s 1 ' j IS mi 

VFropBW MM 3®| ~. New Hall Place. Urwpooi. 001 S7 4422 O.Btxhop»*ala EC2 01-5886268 j", .. V' S “ " .ZZ®.9 

Wtop (SrrKan Fd]756 79.6) 1 — HoyaJ Shield Fd._ 11335 3408) I — B'gatePr.-MayZl- 1184-9 197.(bd J 3.90 Lawson Secs. Ltd. ¥(a)lc I Financial Sees |705 

Legal & General (Unit Assnr.l Ltd. ^ Acc.Uu-Maya_to2 23jg 3« S3 George SLCd,Dbun(iiEH22JC. 031-2283911 Hlab-rantamm Fund* 

^fSTSlrtggr- 4. GLSUIcS^dfSLp. 01-594 888# t ?«l Z.| lH . "g? S3 zj H fSSSSS^Lr^ 

P.O. Box 199. Hamilton, Bermuda. 
Buttress Equity — 12-33 255) . 

Buttress Income RID 3.961 - 

Sterling Fund- ( £324.05 

Ird = 

7JB Richmond Life Ass. Lid. 

N.C. Prop. Msr. 33- 0143 * X2LM 
Next Sub. Day June 30 

UK. Fhmk 

1 54 UK Equity 143.4 

Overseas Fnultiii 

MH+Ori 299 Pri«w at May R Next sub. day June 12. ^^9 troet.DouBtax.LOit 0834 23811 

Sa +0 -H Capital International SA • ix<rbeSilvorTrast(U43 U69j J _ 

njl iojjl 264 37 rue Notre- Dame, Luxembaurg- Richmond BoadHT. 1SL1 190.71 J 1686 

Capital InL Fund— | SUS1686 I -i ^ DS'c^daS^" f iSS " "j = 

57.71+0.4] 721 Charterhouse Japhet Do.Em.97'tEBd._.pA58 553 !Z!| U53 

7121+0.71 823 mSZ^L^SSu* xm “j*S Rothschild Asset Management (C.I.l 

46 j| +0.4] 868 Adi verba DM4090 5L« \ 525 P.OJSox 38. St. JuUnnsCLGwsnsey.04812B331 

Fondak Dim OT XUd .] 6.03. O OEq.Fr. May 30-IH2 58.71 +461 277 

... . _ FUndiB DltZUt 72.901 1 568 n C.lm-.Fd. June l 

466) +05) 4.78 Emperor Fund JUS2.91 3^+oin _ n CJntLFd-t _____ 

48. Athol Street, Douglas, LOJd. 
i* The Sliver TnutrU42 116.9 

Richmond Bond 07. iSLl 190.7 

I*o. Pla tin am Bd. 1308 3376 

Do. Gold 3d. .166.9 117 A 

Do. Em. 97*02 Bd.— 1*5.8 1742J 

466) +0^ 4.78 

ScrnSrKTZOflKCJ**’ nSttStfe *• LndiL. SOP 3ER 01-SM 888# 

S Next sub nay June a. The Stock Echnngc. RC2\ JHP.. 91-588 2600 t:S. - 174.3 

Rishonsgate Progressive IW lfmt Co* lAClnc.Fd .. . _|U61 140 «1 ... I 7 90 Sector Funds 

■■ - 1 ass; ir.zzp 

I I ^ B'cntePr.*’MoyZ>— 1184.9 197.0*1 ] 3.90 Lawson Secs. UtL Vianet F"iI5ciifsi»“.ZpD5 

Acc. uu. "May a. to 23jg 3.9# S3GcorgcSU Cd.cbuntliEH221G. 031-2283311 wi-h- wt-h— i sm-a. 

aBsasitte « -i » iKiS’Ki,- -:® sa - i a 

90^+021 355 
1003 +021 357 
SS3M :-:0 0.85 

6 06 O CEq.Fr. May 30- 
568 n.C Jnc-Fd. June I 
— - O.CJntLFtLt 

tea 0802 28SU 

-U -- 

Ci(fc 6#a 

Do. Accmn. 

R q mty Tnlrt*l 

Do. Accum — 

Fixed Initial 


484) _ 

Westminster Assur. Co. lid. 
Botme. 8 Whiteboise Road.' ' - 
3B02JA. 01-88S80B4. 

«a — r- - 

T^r TnWnl 


• Managed initial; 

88181 D« Annul 

\ Property Initial. 


— t jrt 6 Genml ill 

— itjentpt Cash Inlt- 

‘ — '* Do./icc. n. - 

— ExemptCqty. Inlta 

• u Do. Aecnm. 

Tad. Kxssspt-E^ed lait 

—031 — BoLlnv.Fd. 1258 132.4 +0M — 

*«n~ot _n il _ Property Fd.- 150.7 1595 .1 — 

1263] +0.11 — GiltFd 1175 123.7 -0 JJ — 

JSS +03) — Deposit Fdf 122-7 1292 

12051 -o 3 — Comp Jens. Fd-t.— . 199.8 2S95 1 — 

32271 — 02)- — EQu^PensJd IH.9 1«-E +0-9| - 

'-03! _ -PnmJtauTU* 2155 2Z7.1 — 

-Oil _ Gnt P'-n*. Fd. 912 96.0 -0 J — 

-03 — - DepaaJen»Jfd.T— [9SiJ 1032] +02) — 

+0_lj. Prices on May H 

031 — fWeeUy dmOings. 

Next sub, day 'June 13, **june 

ill Clive Investments (Jersey) Ltd. 

0.85 Pj). Box 330, SL Reiter. Jersey. 0SM 37361. 

Olve Gilt Fd. iCJ.*.(9.90 4nl....J3160 

405 Cl Ivc Gilt FcLUor.). 1987 989) .. ..] 1U» 

2-14 6.C5mCoFdKs31_ 

04T. Coaimod ity*_ 
O.C. DlrComdty-t. 

+46) 2.77 
—45 751' 



+0.7 45S 

•Grnwlh Fund... . 54.9 

Bridge Fund Managers?<ai(c) J&'S w£p U l 3^4 

RLiR William SUEC4R BAR OI-8234B51 tAmencon Fd 2«5 

American &Gen8- 124.7 26 JJ J 14S SAccuin Urilu . .. _ 252 

Income'—— 149.9 MJtrij . J 659 "Hlgh^icld 472 

CodIUI Ine.t— _ 053 3761 +0-3 336 •riAccum. UniU> — 66 2 

Do Acc.T Si.9 4 L^+o 3 326 Deal. *Mcu. -Tuts. 71 

tWeekir doaui 
Schroder Life Group? 

Ssapas-i K 6 , >®g IS Legal & General TyndaU Pond? 

Do.Acc.t-. '. iuT-l «fl “ ' j 366 181 Canyngc Roe-i BnsloL _ 

Dealing ’Turo. tWed.lTblirs. Prices May 30/31 Dls. April 12 [56.8 

June 1/2 (Accom. Uniui. 1722 

tAmencan Fd . ._ [24 S 
hAcrum Unit?- [252 

cctnn. Uoilii... 66 2 



65 3 J . 




Select Income 

12496 263.4) +0.71 
1537 566| +0 j| 

249 Scotblts Securities Ltd.? 

i-S Scotblts [38 6 41 

“.■S Sratyicld 535 » 

.Sco lab ares 5i 2 

IMl-o. *Tuts. TtWed. illiurs. 

•Sen [shares |5S 2 60.4iq +0-3[ 4.4 

10.60 Scot- Ex. Gib'd B4L3 252.74 1 28 

Scot. Ex. Hd.-6_ JJ65.6 1733 — -I 7-2 

Price* at May 24. Next sub. day Jane 14. 

ai*eGUtFd.iCJ.i.(9.90 9nJ....JU80 

88.71 -02) 405 CTIvc Gilt Fd-Uay ). |987 92^ .. . ] 3180 

5 M +03 | 3 |a Cornhill Ins. (Guernsey) Ltd. 

^ 1 P.O. Bax. 1ST. Sl Peter Pott. Caernsey 

63 4l +0.71 ZJ4 2hUiI. Man. Fd. JlttD 108 —J — 

566) +#j| 7.44 Delta Group . 

■ PO. Box 3012, Nassau. Raharaax 

go | Jm Delta lav. May30._ISl.75 1841-0031 — 

sia-iflj 690 Deutacher Investment-Trust 
9.4*4 +8-3] 4-42 Pnstfsch 2685 Blebeigaase 6-100000 Pronldurt. 

• ■■ IS5 Coocentra 1UHM29 a4«40JU — 

73-S ■■ - -I 727 lot. Rentenfonds PKWJO 7I«| .7Z( — 

'Price on May 3L Next dealing June 14. 
IPnce on May 22. Next dealing June 7. 

Royal Trust tCI> Fd- Hgt Ltd. 

P.O. Box 104 Royal Tri. Hue, Jersey 053427441 

R.T. Int'L FU. BUS920 959d 4 380 

R.T.lDrLuIV Ki 4 — 4 321 

Prices at May 15. Next dealing June IE 

Dreyfus Intercontinental Inv. Fd. 

11 [568 

niui [722 

Next sub. da: 

1M Z 

32/3 - 


SxenqAMngd. Ialthl66 
TV* ace * wii ■ - . ■ , l hw 9 

Exempt Prop, lntt . r&0 

Do* Accnm. pi . «. >. 

Legal & General Prop. Fd. Hgn. Ltd 

ll4QmenVlcteta8b.BCIKCIP 010480078 
L&GPrpJ-U^tayZ- WB8 ._..J - 

'..Neat saw. day JuUe h. 

Life Assur- Co. «f Pmms&vmiia ' 

3043 New Bond 8L.WI7QRQ. ’'01-488 8396 

■XiACaPUntta pK+ » . -.103^1^4 

Moyds Rk. Unit Tst MngEfi- 18d. 

SodTLtd. iw 

Lloy*pLIftt Assn 

•“ CBftiwifik; BC3A, 

'Union Group -'• OjtsSqtr.Jm 

Dealing "Tuet. tWed.lThurs. Prices Mar 30/31 Dls. April V- [565 402J | 527 ilncorporatUu; Trident TnurtSI 

June 1/2. (Aceom.UniL>i [722 76.0 | 517 140. South Street. Dorking. 

. _ . „ , . . . , Nc xl n:b. day June it. AmEicrn 

Britan n ia Trust Management (a) (g) Leonine Administration Ltd. Am. Grow 

astsias“ H »rs 

Jmr ' «'3 am LeoAcrir^i — ...)S3 7 M.o| +0.2I 4h0 income Dia_._ 

0272 32241 SchJestnger Trust Hngra. Ltd. (aKz> P . 0l Box Kwni N»oau. Bahanm. 

Save & Prosper International 

Dealing to: 

37 Broad SL, SL Heller. Jersey 0604-20081 

US. DaU*msBaedaaled Fund* 

DlrFxdlnrt* May31 . |9 53 381J] 693 

Internal O -7... .16.72 7271 _.... — 

FarEasurot 0751 «56l — 

North American*; [371 4.02) — 

r Leonine SSuSuL 


Capital Acc 

Comm 6 lad 



Exempt - — - 

Extra Income ... 

Par East 

Financial See* - 

Gold 6 General 


Inc. ft Growth 

InH Growth 

lnceA/ftLSbares _ 
Minerals.. —....—.I 

9 hO income Dio. 

aj3 Uoyds Bfc. Unit Tst. Mngrs. Ltd.? (a) {"fJ'So'llr 1 

!4* “9-i 3-S5 Registrar's Dcpl.. Goring- by-Sea. 
+ 2-? 5-5? Worthing. West Sussex. 

a?« Ini !« First (Rained. 1 (53.7 545bI 

S'? S« Do. < Acc Lm. 1 W.7 74.4 

?£* 3.g Second 1 Cap 1 5X 7 55 id 

»£ “H 15 Do iAecunL - 65 0 (9B 

kS iH Third flnromei. — W6 888 

tni 2w t Oo'Accum-. U3.0 3215 

-H I « Fourth lExlrc — 5H.B 63.2ri 

Dot Accnm.'..- 167 B 71# 

38.7 +o!i 

Z PQ^mSSiimtau. tm-essfitno I?!® 

Nat. High toe 7BJ» 

New Inane — 35.7 

North American — 292 

Professional 5107 

Property Shares _ 138 

Shield 461 

Status Change — ,. 388. 
Univ Energy 132.7 

lntnl Crowi h.. 

Inv. Tst. Units. 
Harttoi Leaders 

+05 4J3 -SH \,eid- 

+05 4J8 Prof. 6 Gilt Trust 

J -0-3 j23 Property Shares 

*Z 3 . J-S Special Sit. Tst 

♦g'4 609 UK. Grib. Accnm. 
+5-2 609 U.R- Grth. that. 

51 ,03081 flB44i N AV Mar 25 P«S1U1 K2d...-i - suWdemmda^edrai 

23.M +0.3 288 Emson & Dudley TsLMgUrsy.LttL aan^!Ojphaw_|SU . 

296 +0.2 L73 P.O. Box 73. SL Heller, Jeraey. 053420S8I U42 Mn3' MU | 5<E 

KS ioi 5^ ^ LC.T. P172 U46| _ 4 380 &%£$%§= MA ^3^3 llw 

iol F. & a BfgmL Ltd. Inv. Advisers Pncea on ^WaTL-June L 

+8.1 *85 1-" Laurence PtMintwy HJU. EC4R OBA. ' ' gWeekly Dealing*. 

asau-i.— ■- > - f^sssssss 

il3 40 J AM Fidelity MgmL & Res. «Bda.I LuL ^ 

5^+0J 258 cent. Fd. Hay 34 — ] . SUS522 I .. 1 — 

3I>4 -i-OX 454 Fidelity MgmL & Res. tBda.1 LuL 
2 il +0 ^ ,7 m PO. Box 870. Hamilton. Bermuda 

Vij i H|2 Fidelity Am. Aaa.._| 5US75J2 | .1 _ 

^+05 IS Fidelity Jnt. Fond- SDS20.g .. J — 

• • 2193 lox 535 Fidelity Pac. Fd — I . SUSWL02 I . J - 

_ m^+OJl Fidelity Wrid Fd—| SUS3AJB f+OEt] - 

Schiesinger International MngL Ltd. 

41.LaMctteSt-.SL Seller, Jersey. 063473588. 

SAIL. Ml. 861 SAS 

SLA.OJ >._Eb4 qJ3 5-06 

GUt Fd. C22 . 22.4m —Oii| 322B 

let! . Fd. Jersey. 3Jrt ...Tl 3-34 

lnti.Fd. Jersey. n«_ lU ... J 3-34 

Intnl.Fd-taunbrg. ...[S1057 1X13-0011 — 

•Far East Fund-. — |T3 « 4 3JB' 

•Next sub. day June 



km life Insurance Ga. 
a&wWC3A3B&r tn-amaa 

oStsn^JmtXpSl ‘ UU +La — FOBrtsSOSiiEdinhtirghEEDBJtBU.tBl- 

B18837S0O QpCSy Xunel— - S52-5 IfiOH-Oa — la* .Ply jurist 1 0056 30561 .... 

1-^4 OpUMBn.JUiMt.h87A 1563 +fl.8i. — . hw.P&.Swte«2_ 998 1057 .... 

Laaa Z - Opt. fiDept June 1.&SX3 . rE77j+0Jf — Inv. C#Bh Hay28 __ 97.4 1026 ..- 

UBHlfl ”SS^ Jt ^? GnL ^ ^ ^ i® ::: 

JS-20. The FOrtnuy. Rending 58S31X . . . atgd.Pcn-May25_|ai32 asill .... 

j^~a . .»3j t;9 Zj_ Solar Life Amurance limited 

ms5£==» tCSRaszz SB 

The British Life Office LUL? (aj .A^'wSteZ 5? S 

Reliance Hse, Tunbridge WcUaKl 080222271 Comm wilty. 195 

RL British Life [49.9 52. K +021 5 65 tAecum. UnJtal---. 0-4 

BL Balanced- &S 49.0 ...3 5.63 Compound Growth M5. 

BI. Dividend- f«2 «S0j .. L.) 9.40 Convenioa Growth U.J 

•Prices May 33. Next dealing June 7. ConveTrioa Inc. — 62.6 

Ij6 Lloyd’s Life Unit Tst. Mcgis. LUL j30.Cheap«ide.tiC8 

52 •724».nateboa«cR4.Ayi«bnry. 02D0S841 Ri 

Equltj-Accum. ... [358.3 366.4) . | 482 h 

iJo MAG Group? (FHcX** lAccum-UniUi IZ 

280 Three Quays. Tower Hill, BC3R 8B0. BIB36 4988 — a 

S B6EB §:5 Sl iS S^Fl 

», «asst,i5S== -» is 

5 65 (Aceum. Unita>___. 8X4 075 -0.1 4.06 _ - or UU exi 


(S34 77581 
Series Atlnccl l — | 
Series B CPaci&o — J 

Schroder Life Group 

Enterprise House. Punsaouth.* 

i Accom. Unlti 

, c EarapeJuaei 

X55 ilm.m IlnlH 

ISS D'uSSa m3 b l-oxl = 

3-g First Viking Cammodlty Trusts 

8 SL George’s SL, Dondas, Lo8L _ _ 

lwtoi ! 

EEqauy — — 

[0824 4832. Lc 

1 51 Pall ltnll. 

CFlxed Interest—- 

SFlxed Interest 


For tax exempt hinds only 

IH FkLVik.Cm.Trt._B78 39JI +0.71 
5.14' FbLVkDbl.Op.Ikt-|796 ' 84.0*1 — A 
Fleming Japan Fund S8. 

oi-9307857 Managed 

33381 +051 3M Scottish Equitable Fnd. Mgrs. Ltd.? [sr. rue Notre- Dame, Luxe mbo urg 
660 +02 2.77 niiBkniaii IFTntS-Juiiel I SUE4646 i 

Brown Shipley & Co. lid.? 


(Accum. I'nitsl- 

jrixedlnxeroaL. — [ 

| Mognn Founders CL. EC2 

— - ' Tfce London 4 Manchester Ass. Gp*. goi* Managed j 

The teas. F nlha a ton e, KecL a * BTOJB Solar&SteS 

— to. Growth Ftmd_[ 2M6 • I .~ 4 — soIarpSx^s: 

— r'.lWB Say Pteee London EdNUTT. OUM22#05B5 Unite May 30 — 

01-8008530 SSKS 0 ?,: 

lamnoett Co; Ltd. . 

03-«W5«W Irr». Tiuat Fuoi-_^. HU .... J 

ifUM — { ■— I — Property Fun 1 - .822 | —4 — Solar FxdJnL P tl35 

'. ' .in4 :iT -■** G Group? ; • - ' ISSSxp P fe 

->:hra«i#. 1 ; • ■ • ’ San ADWe FMnd Mangmt. ttd. - l<r — I" 

w-T”* 31r ^ B:r081 - — - ^-1 - ?Sj +'ij Z’ Sim AJXteaceHoua c . Ho w bata. 0*0384341 Canada Ufe Unit Tst. Mngro. 

* 5M I -H “. fflScSKS Rmj +02 _i- ExpJFdlnt May 10-104698 3565M ....-J — 18 High St. Potters Bar, Herts. P.E 

sraranra-Co. !4A.f ~ . ' fS^*ZZEw> - Jm -i-Mm*® — nwn J -• cento — mg. «8|+o. 

OU3a ixw Maaacra m -■ Sim Alliance Linked Ufe Ins. Ltd. ss^St 0 .' 

igSiS-i 7 n ' HmwnlM« > _p&i MIS — . Ran AUlimonHimae. Bteahaw 040384M1 Do. Ine. Accum [838 . 46l| +0. 

: 1= Capel (James) MagL Ud.? 

IS&^SaF ■ “-^teSiiSSv^r: z EBEZZSF* 

rBK-~- '. Snof iyy _ - JapanFd.E<i*__S5 — 4 — Deposit Fimd_— 963 ■ 100.4 +0J — ■ inrame It98 843] 

pjj - : , TMees an •Moy 5x**Jtn>o 3- 28. -Managetl Fund — J1067 112.q +0JJ — ' on May 37. Neat dealing Ji 

na mi Ji Z MeBchant.Ih rostara. Aihll,<l ^*..^>Snn Ufe. of Canada (U_KJ Lid. Cazilel Unit FU.Mgro. Ltd.? I 

xfSS V ::Si ^ 509 ■ mmestroeqcrtwto^ OMMMn a.a.a.Coetamn-St.SWiyara; , 01-8Q09tD0 HouBC> Ne «aaae+.poo-T«e 

-AM- ,.»« + 2 * — > ISSSps: — 1578 :z: ”■ ■- “ camoi ;-_[M8 705- .... 

n ® & -BSSSSz; . W .z:. - .SsSjfgsgSH- 3SI d : ** -I®- 5 ■«♦-•-- 

PU SSt*: wj ' '-vlSSSfcyT- ; ?SS.- — ^.-SSa^H — I .mS I —i - Do. High Yield. — mo «sm.... 

^®>."a#S2 Zi: -•«*'- — - Target Life Assnranco C»- Ltd. - Da.Acciim^nite-l^^ 

cji Hfe-i M , =? - ' SSaSM W i E E BKBSfcBB , = I - 

“i StrtarFwli 

+oa — 

+0-3). — 

— BolarlmLS 

— . SalarblaaaxodP- 
“ . -Solar Pro y e rty P-. 

— ^Sohn-EqS^P — 

— Solar FxdJnLP„ 

-:.IS£Sf*P p — 

Do. (Aec.1 May 30 (2664 

Oceanic Trarta uu J£* 

Financial M5 

General 1S8 

Growth Aectun — g.6 

Growth Income 3 63 

High Income 293 

I.rQ 208 

Index 2L8 

Omerseax — 19-3 

Pnfonnance 562 

Recovery— — 218 

Snapt-Anril 10 — [53L4 

(Accum. Ualtei. 

5 *?-2 +0 - 2 28 SL Andrews Sq_ Edinburgh 0! 

7 5 125 i« +0.9 783 Income Unite __._-W98 53# . 

16 SM it* 7*3 AccmU^ fel ld • 

<Z 52.4 +0.4 335 Dot] in R day WednOTday. 

——I Ealrt Yield _[S47 

284.91 £32 (Accum Unite! 1 112.7 

Sun Affiance Fond Mangmt. Ltd. - ■»«»»»— iadtanc .“ZIi: SSj 
— SnnAJllanceRouse.Hocrtuua. 0*0384341 Canada Ufe Unit TbL Mngra. Ltd.? (Accum. Giuisi gh; 

^samxsru^=i =. SeeIIs 

=. Stm Affiance Ualwd Ufe ins. Ltd. ^ ‘ti ffiram Unite.- - zxj 

— . San A Ul i monBrnuan . He *- ah am 0403S4M1 Do. Ine. AccunL. — [438 . 461] +0J| 7.71 i Accum. L'nltaj ..._,. |2I11' 

- ■ ' ygS ffiSagr (SB .3w3^S3- z Capel (James) Btagt Ltd.? %r uu ** i 

— E Property Fund MM - U3fl ..-J - lOO Old Broad St, EC2N1BQ 01-8886010 Tn^JiSr .'rjr:, ES-! 

—'—I 5-12 (Accum Unite) 

Far Eastern — — — 

4X7 (Accum Unitei ■ 

3.91 Fund of Lnv.Tste 

.:... 482 i Aceum. umtsi 

_... 482 General 

9.69 t Accom. I .'art*'— ... 
39# High Income — .... 

..•._ 4J4 (Accum Unitei 

..._ 334 Japan income 

435 i Accum Unite i—_. 

565 Maenum 

4.40 i Accum Unite) 


52.41 +0.41 335 

43 g +0.4 335 

8?.a +06^ 836 

031-6568101 Fling. June 1 1 SUS4646 I+L42J 

| . .'...] 538 Free World Fond Ltd. 

* 53B RuH-rnalfl nu> Rintlbin Rermurta. 

12 0.0 +0J 

37.a -0J 

A2.g -o. 

644d .... 

1% DOTlinRdaj- WednOTday. ' ^ 

8^ S' 1 ** Unit T * t - *“«“» « G.T. Mana grtront LUL 

836 P0Bor5U. BcUbty. Use., E.C6 01-3369000 p—u nETZi nZi rims lnodon 

a isssssa:®] ara is Baww - ' 

1 - 20 J. Henry Schroder Wagg & Co. Ltd.- 

120.Cheapade.RC8. 01X88*000 

Cheap S May G1 1 SUS1162 +086) 289 

— ' TralaJpar April 30- SUSIMJK ... .J — 

- AmanteLMaylb— {?BU9* UR -I 380 

Darting Fnd. BA186 X97 -063] 58# * 

* Japan c'd. Jucc 1 —[SLS6.42 M0f+jl3q 0.15 _ 

“ . Sentry Assurance International Ltd. 

' P.O. Bax 329, Hamilton 5. Bermuda 

ii ^0&l fl .3^8S^ Uod0 “ B,a vm -I - 

UI , . 

London Anertta fan 

Anchor 'IT Units 

109.H +0.i 
178 l7| +LI 

' Special ilMii 

'-•* i Accum. I. Rite) ..._,. C014 

78.7 ::::;• ast Security Selection Ltd. Aachor'B’Unja 

«r-. IS 5 +K c'2 Jft-IB. Uncoln'a lan Fields, wxa. 01-8316838-9 ^^rVnUFd 

II 1831 H»MaKezB ^rdwesaat* 1 

I^g Stewart Unit Tst. Managers Ltd, (a) 

;+a.a Jj5/a -uj 45. ChariolLeSq.. Edinburgh. 031 -IBS 3271 G.T. Asia Sterling- 

M3 +X3 386r tSievart American Fund n'S'iSul?™ 1 

rfin -or. SLandard Units U4.6 tag L41 gj'Si w 

^4J +XD 613 Arrun. Unite E?6 7431 +Oj| — ' ^TJaclriCPKL——.. 

B5.9 +0J < .5# Withdraaml Unite ..ffi.6 55Xj +0J) — Gartmore Inve* 

Hj^09 5H *Stewart BritM Capital Fnad ' 2. SL Mary Axe. Loo 

S?-; I? ? 5 ,2 Standard .033.0 1«3) ..._[ 430 B uiia we Faad Ha 

7oJ +0.i 4 17 A™"- Uniu n^i7j^ r! .is? •> 138 1M3 Hnh-hjsOT S 

Singer & FHedl and er Ldn. Agents 

1381 20, Cannon SL, EC«. 01 048 0848 

186 Dekaiond*— IDBMJO 262M 4 fc« ■ 

198 Tokyo T*L Apr. 33- f . 5Ua35jS| . — | X77 

215.2} +1.W 

G.T. Bond Fund 
G.T. Dollar Fd.. 

■00 Z57 -M 

- G.TJ’aclBcFId 

SU 51X42 
SUS3Z77 |*0 

i-U Stronghold Management Limited 

Hi P.a Bax 315, St HcUer. Jersey. 0534-73 460 

5.07 Commodity Tnirt -192.96 97.851 +2. 50| — 

uu Sarin vest (Jersey) Ltd, (z) 

— Property Fond 

— v , IntomMik»tihJ ww _i 
~ ■ ' _Depo* it Fund — . - 
*- ^tanacedFand.— . 

. 107.W — 9J • — 

- mg — - 

• J09.9I — ■ 

1555 Sul :::;i 5: 

7. Next dealing Juno 7. 

Specialised Fond* 

Truauro P*S.4 

(Accum Unite' J2783 

Dealing tFri. "Wed. 

Sun Allien ce Fond MngL. Ltd. 

— Gartnure invest. Ltd. Ldn. Agts. 

' XSL Mary Axe. London. Ed 01-2833531 
G arlm re Pawl a»w flL (F«r East) Ud. 

988 1503 Hntchiami Mac, U» Harcourt Rd. H-Kpoe 

UK A Pxc. U. Tat.” W1K2J45 UDl I 26d 

• Japan Fd ES5ie D»| .1 0.700 

N. Amen ran Tkt t 

Queena Hoe. Don. Rd. SL Heller. Jay. 0634 27348 

American lnd.TaL.ICa28 8.451 1 — 

Copper Trust pU-S 12Uw .._ .J — . 

Jap. index Trt 8 3. 1 .2 5 1X481 J — 

■ aa 

Chari bord ! 

Carilel Unit Pd. BIgro. Ltd.? Uric) 
KUbuni House, NeweaaOe-upon-Tyae 21165 

Caruol , M6 706al ...._! 4X2 

Do. Accum. Unite _|K16 846) ......| 4X2 

Do. High Yield |CJL 43hri j 8 42 

Do- Accum. Unite- [5L2. 53.71 ...•_) 8.42 

Next dealing date June 14. 

6.40 Sun Alliance Hse- Horsbam. 

Wn«i?MuiyFi5.i 0 ;|^ JZ +0.^ 

7*3 Target Tst Mngrs. Ltd.? (ahg; 

I 37. Gresham SL. EC2. 

LuL Tancei Conunodlty.pJ 

0438 56 [IH Target noMndal^-lg 
54 JI. -I 373 

Dealings: 0289 594 1 

™?W" _ - L... 

S7A -wat — .J--,— . • NEL Bans! «w Ltd. 

— t^/BBdhidr^w- 

XT Saadaaeam St^Ct.- > '• • BMHHa aS^r -pan j 


- .nop.rn.Aee. 


imnirf Rmiut Or KT+NiRD m mnnniri Tniawe..— P*5-4 153.-3 +1.M 6.40 Sun Alliance Hse_ Horsham. 040384 

OTOW Broad St, ECT91BQ 01-S888010 ,A„um Unite. 2783 2957 +1.9 6.M tap.Eto.Trt- May 10.|g0« 215 ffl .....A J 

2S^zzzzzI5m :::;j ' ' “'55 M ^ +0 - 7 J 1 

| Price* on May A N«t dealing June 7. SS'UmtS.:: 1791 1BLS "... 7.8J Target Tst Kagrs. Ltd-? (nhg; 

Cazilel Unit FU.Mgro. Ltd.? taHc) Pens. Bi. Waym... . a>2 1«)^ 562 37 . Gresham SL. ECX Dealings: 0289 SI 

dihimnniir nhicmUhuisii-Tuv anfis MaaoUfe Management LuL Target Commodity. pS.1 37.71 -031 3. 

Oftenra House, NewumUe+ips^me 211K Ccoracs Way. Sierra age. 0438 58101 jawt Financial - H.l 64^ +OX 4 

SS&K:i5iir:|Si , KS:::::| iS w, .1 *» a, | 

Jo-Hltthllold W i 43Jari 1 8 42 MayQOrtd. ManagecKB* Co. Ud. eDa Arc. Units 200.9 29131 5. 

Jo. Accum. Units _E5 Ja^ "Z 8:«2 J4T8Gro«hwnSt,EX2V7Al'. 01-8083059 Tar JClGlIlFund... 115 0 1»^ -e., \ 

Next dealing data June'lA jncomcMa; =3 0053 IM.SI | 828 I?™' ?"| wlh S? iS-? ? 

Parities Official Invest. Fd* £««•■ "'g-rgf , . . 1 5ja uSif"bmuZ “7 l 

17 London Wall. EC2N 1DB. 01-5881815 Metcnty Ftmd Managers Ltd. Tired lor 30X 323iC +0J 3. 

beonwMaylS |13i2 - | ..._J 660 30. Gresham Sl_ EC2P2EB. 01JJ0045S5 Tar«rtPr.Mo r 31_ 1565 ' W| .... J 

UcunLKW I8___l25L5 I. 1 — Mm Ceu-'-tivil- 082.2 1939) . . <61 Tgl.lnc 293 3L4J +0.2 8. 

pUaautb. Only available to Rag. Charities. Acc/i'L* iS-y^l — 2367 2SXC . .... 461 Tst-Prar—--— --- JS-T - 15 -3 yi--.- 

„ * v «. Here. lot. Ma" 31 — 634 67.4 233 Uoyne Growth Kd... 19.1 20J[ +OOJ 4. 

.narten to tmc japnera ' Acm Uu.fAarSl.. tax 72.4 . . 2J3 T 3lWr < Tst Mm iKntlandl fatlbl 

. Paternoster Row. EC4. 014S48 3WO Meir.B*LKny=5_. 2141 223 0 4.0 7?^***, 

' IM6 jsa | jT Accum.UL.Apr67.25S3 26S1B . .. 4.42 !P. ALholCresceaL Edm. 1 031-228882 

:::::: J8S KQdUnd Bank Gronp , TarcrtAmejEaglejgj MjjJl 

U.iocotae.- ta.o f m Unit Trail Managers Ltd.? la* ^43-^oit io! 

040364141 IntL Bond Fund B 

?-S Qaruu sra UmUsnl MngL Ltd. 
L» P.O. Box 32, DooKlaGjloH. 

laternarionai Use. _JZL0 22.4: 
Do. Growth — |U6 65J 

TSB Unit Trust Managers (C.L) Ltd. 
1500 Bagatnlle RiL,SL Saviour, Jersey- 033473484 

“SSSBtedM 8:: J» 

23911 Prices od May SL Nest sub. day June 7. 

3E4 I Bamhro PactOc Fund MgmL. Ltd. 

• r. 0*8408307 N»dK* WhlpcCap- WJ 

■Heart Sdb. Day May 25 
ftr Now Cauet PTOpoty see ■< 

•— ' ..Trahsintcanational Ufe Ins. Co. Ud. 

. ^ 2 Br+»tn riWjpy , EC4JNV. . 01-4098487 

• Tuliplnrost Fd — M07 1M31 -I - 

Charterhoase Japhet? 

1. Patera osier How. fXH. 01-248 

C J. Inlernatl |a.6 25JJ 

Accom. Unite Z76 296 

CJ. income M.O 36J 

C.J. Euro. Fin 262 28.0 ‘ 

Aceum. Unite.—™ . 30.4 326 ....... < 

CJ. Fd. Inv. Trt 268 266 J 

Accnm. Unlla 1368 326} ...J : 

Price May 3L Next dealing June 7. 

m. 2 +0X 438 2110, Connaoghl Centre. Ho DC Kong 

I <8 J 569 Far East May 31 SHKDJ7 XUH .- -J — 

.9 2M6o! 5.91 Japan Fund jSUSUI 7J7| | — 

0 1206 Z! w Bambros (Guernsey) LUL/ 

1 3x1 +ox 4 36 Kambro Fund Mgrs. (CJ-l Ltd. 

3X0 tax X64 PC- Box 88, Guernsey (MSI 36521 

yii3 is C.I. Fund -QA24 1517d 3.90 

! 3L4 iO'i £26 gfcS* 41-- Hg 

15ft n m UK. Svgs. 'A. SDSU.B2 ISk* B-50 

20J -HU L52 ^ S*®*- V SU$Q8 X-pl ZJQ 

^ Price* on May 3L Next decline June 7. 

loM. 062423911 rncea on say ai~ sun. any June i- 

X* ::: :i ^ w Tokyo Pacific Holdings N.V. 

Fund McnU- Ltd- IntimlB M an a ge m ent Co. N.V.. Curacao. 

NAV per store May 98. 5USW.02 

amn mg .. J - Tokyo Pacific Kldgs. (Seaboard) N.V.l 

usa " . ' . ' 1 — Inrimijf Management Co. N.V„ Curacao. 

sey) LUL/ NAV per share May 29. SUS35.7L 

0481-36521 Tyndall Group 

.„. 3.90 P.O. Bent 12SS Hamilton 5. Benaada, &278D 

..... 640 (•versons May 31 — [PJSUS . XZU 4 63 

— - LS? i Accnm. UnUsi BUSH S • 1M-9J1 _ 

8J0 3-Way InL May 18— tSUHja 2.711 1 — 

Jui.7 3 * 2 New 8L.SL Heller, 

June i. TOFSLJune] — 

Henderson Baring Fund Mgrs. LUL iA™mSWiw> 

10. Athol CrescroL Edin. 3. 031-220BS2J/2 p n Rax UMTM Nwao... Tteh.m-*.- American Juno 1 

ssTi! r miM ttSSaaSSsau* sa 

- -ras. rfL^ T « 

^ sj< us* ...j - 

Transatiantic and Gen. Secs. Co.? „ Ruc N( *re-Dame. Luxembourc L'td. IntnL ttngmnL (C.L) Ltd. 

Bl-NNeu- Loadon Rd. Chelmsford 0245 51 651 KUSMJl UJll+OJOl — 14. Uulearter StreeL SL Heller. Jersey. 

SSSTtW-K* ■ 5G International Pacific Inv. MngL Ltd. ^.Fund Bush* -mm ... I 816 

Barb.ExjM.Kay 31 „ B5.8 80<rt “J «J3 FO Box R237. ES. Pitt St. Sydney. Aurt. United States TsL IntL Adv. Co. 

ana - 

7.W+HD51 6-W 

Jersey Fd. Mgr 

iNtra-J. Acc. UbO 

E7.0I -03 260 

S7.i -0 5 _ 

106,3 +3.0 7.00 

Counwooti House, Sliver Slroei. . .. . .... _. . 

? S shefricln.b'l 3RD. T+l:0T427B842 Trades. Union Unit Tst. Managers? 

1 3*2 aneii:om.£i j.-w. 

"7.TJ 3.82 Commodli- & Gen.. 64a 

rune 7. Do Ac-rurs 74.0 

Growth. 3*9 

GUt Fund May 31 
■ i Accum. Sbnresi 


Chieftain Trust Managers LUL?(aKg) r<o. Accum. — - - w.b 
- [llNewSLEC2M4TP. - («» & P Jfc. ZZZ M 

|| H ii SKE« —V 
E£w gjTsssLrzzSj 

Trident Lite Assurance Co. Ltd.? Ream. TUJ266 286) -oxj 431 

B<nidadoHoi>ae l G*aucestar ; - 046&36541 Coofederathm Funds Mgt. Ltd.? (a/ 

HlsbYivJJ- .— 

Do. Accum. — ..IM.0 

— iMCaancnrUne, WCZA1HE 01-342 0382 Equity ffivnpT. — PJ3.6 

jiHin-Samuel^ .....-, { J % 

T- ^3- 'Hoate & Coi MV t .2 .% 


ltt! +0.1 — 

US.6 — 

127J — — 

QM — 

107J -fft* .- 

132.4 — 

GrowihPiid HL3 ' 436) t «9 »*«■ „ gZfady lx 

Cosmopolitan Rind Managers. Minster Fund Managers Ltd. 

Cosmopolitan Fond Managers. Minster Fund Managers Ud. 

3a Pont Street Londoa SW1X0EJ. 01-2358S25. Mjnster H . Arthur St, EC4. 01-ffi 

CosnmpiUiLGULFd. J17.9 198[ ..._J 4.81 Muimi+K;»30 1357 37 71 .. . | 

t TW xc»™ r -Exempt 1907 ».7| . . 1 

— j Crescent Unit Tst. Mgrs. Ltd. (a)(g) un i unit Trast MgemnL LtiL 

Syrfr y. Anshacher Z 

Si wSs-ff i-sasssKi it 

-.'»<iV^y+ ’ tet -xte. s- Hirffand-Banfc. '. 8 % 

" ' v^Keyser 'inaman n 
- Knowsley & .Co. Ltd — 

m=i - 

4 HeMfle Cm, B4ln>mntb 3. 

Crascent Growth— 29 

Crea. laternart 157.0 61, 

Crts. High- Disl Jfej 46.4 

Crea. Re j rr r eft M06 43. 

OldeweenSUWl.SWIHWG. C1-KKI7333. 

ISa lU ML.A Unit- 1»J 4131 ■ I 43* 

4hj| 889 Mutaal Unit Trust Managers? (OHgl 

+0J[ 431 iB.coplhall Ave..EC2R7BD. 01-8M-M03 

bnatront atutiulSw Mta-R* K.?|+0 3[ 637 

gagasa agv 5 autodjw*....- v«-v> » * 

SSea%to^XH:;.v-9j%: ..gatioMl r Wes S U S t ' r l 1 

Sreinirae^aiiteSSttfc'ltt SB' General Jrast . 9 % 

ah vatan for noo.wauam. 


e Hoed. Bristol. " 027232241 

ellild — 

Discretionary Unit Fbnd Managers g-| 

22, Blomfleld St, EC2M 7AL 01-6384485 Moioal Blcr Chip- 419 

DteclBcome [162.9 173Rrt) J 5X1 Mutual Hie!: Via... fc»57 

ErF. Winchester Fund MngL ud. Nationa j -nd Commercial 

Old Jewry. BC2 01-8J8S1B7 &JU,1 5^ 

Grail Winchester. -JlA* 2031 .. J 6 08 fKS5£r--te' ar 

GtWtaeh'er 0‘Be M jM.7 Hi) ...J 456 utl 

Vnunn Sr Ikiillair Ttl Mnmnnl 1 (A l Accum l flit' 1 ■■ -|151_2 

9in4 . . 562 100. Wood Street. RG— 01-82S8011 

M6rf J§ TUUTJunol |50X 53« +L2J 538 

cHI ! . x« Transatlantic and Gen. Secs. Co.? 

??'5l - fit 01-89 New London Rd. Chelinsfprd 0245 Sl 851 

cr At t'S Barbican June I |76.9 8131 +1.* 5.42 

S i til accum. Unite.! 1260 ' 122.8 +L2 5.42 

■tiaS-fl'i 23C Barb.ExoLKay31„ 85.8 88.4n 433 

74 g huc-lcoL June 1 79.6 83.4a -03 437 

25*1"" tv. I Accum. Unite' 98.6 1033-0.4 457 

K-a 1 8 36 ColcmoKaySe 1263 133.W 568 

,nq'a 5 jW «AccuU.UBite).._. 1524 1605 5.« 

ion ?! 5 49 Comld.MaySl— 0.5 545n 7J3 

Vnifn^ Mav ^1 (AccunuUmUi .. P6S 59.7 7.03 

enliM May -1. CIca Mai3( , 53 0 563* 528 

S Lid. tAcrum. UnltAi. 6Si 72J . . _ 538 

01-8231050 ifiriboroMayW— 50-6 ‘5^7 23* 

T7 71 I 5 47 l Accum. Unite* S7.7 602 ...._ 2.51 

dl, "■ Van.Gwth M»y30_ 491 5L« 353 

».7| . l 5« , Accum. Urim. 60.2 '63.6 553 

D*. Ltd. Van -Hr May 30 7U 751 857 

01-ESK1T333. Va ofc Tec Slay 31.. « 4 *7.0 654 

41 II i 4_36 i Accum. Uails.) 451 47 JB .. . 634 

rZfLLu Wick-rJun*J W.7 M2 ^0.4 534 

lagers? lOKgl , \«um. Units. 72 1 76.2 +05 534 

01.SO6+8O3 Wick Di. May 26 M 3 69.3 B.<8 

K91+0 3[ 637 Do. Accum.., — 743 792| 848 

Dougla*. Isle of Um 08M 3*111 
8__P2aio 13531 -1 — 

L td- IntnL ttngmnL (C.I.l Ltd. 
14. llolceater StreeL SL Heller. Jersey. 

433 FT) Box R237. 66. Pitt St. Sydrrej-. Aurt. 

Javelin Equity Trt.. [S259 225| i — .- 

5 68 JJE-T. Managers (Jersey l LuL 
Iff POBoFlM, RoyBi T«LHfle.J«nn<S34 27441 
Jersey ExtrnLTBt_.fl68J 170.0) —J - 
'-‘jg As xt April 2a Next mb. day May-31. 

528 Jaxdine Fleming & Co. Ltd. 

?-S 48Ui Floor. Connaught Centre. Hone Kong 

14. Rue Aldringer. Luxembourg. 

U.S.Tstlnv.Fnd._| SUSM59 | 4 0.94 

Net asset May at 

S. G. Warburg & Co. Ltd. 

30. Grosham Street. ECX 

} n — 1 ■ - VHI UW UMI «UUV. uv 

“ Jardlne Betn. Trt SHK240 59 

sis Jarriinc J'po.rd.*- 8HK31 6.66 

Uj JardineSiA. SHK13.40 

Sig JarateeFtemint™ SHK9.46 

n3 NAV May 23. *EquivEleflt 5U 

^04 5J4 Next sub. May 31 

534 Eeyselcx MngL. Jersey Ltd. 

Vk Tyndall Managers Ltd.? 

5-S POBe*ro5LHtjJer.J«t*«y..fEng.')lO06707iB KgteteTst May 18 
1 itwiai ldU l 9 00 TMTtoyll 

Warburg Invest. MngL Jrsy. Ltd. 

1.ChanngCro!».SL Heller. Jgy. Cl 033473741 

CMFUd.Muy2&— pca« .UMj I — 

CUT Ltd-May 23 — [11758 ■ 12.9? — 

8,72 • 18, Uanyngc Road, Bristol. 
Income May 31 _„.niXU 
(Accum. Unite' tWJ! 

— | Emson & Dudley TsL MngrnoL Lid. 


13X4 _.... 

18X2 ...... 


0272 32241 

._.i ao6 

| 8.06 


& coVZ . % 

^exck.-+rt..- ~ ^ ' - ': fitnfoste r Accept cs 9 % 

\M ~ 

- so. Arlington sl. s.w.1. ^OMMTsgi NatiocaJ Provident Inv. Slngrs. Lid* 

Z Enttoatwdlcym |(A8 H.7I | 380 4S.Grac«h.ircbSutOiP3HH 01-004300 

_ . „ . . . N P I Gth I'n.Ttt — 45.0 47<irf . .. 4 W 

_ Equities Secs. Ltd. fo) (g> (z) (Arcum i uas*' — 5*.9 «5| . . 4M 

.“ 41Bishopseatte£C2 01-6682851 132.9 *" 2 M 

L Progressive M.8w| ) 458 u n May 2?N'pxt dealing June 3>. 

3.47 Canra ee May 31 ... .199 8 

+*s Lid* 'Accum. Umlsi 122.6 

m ‘«7+~wi !3LEan i Way 31 244 6 

01-623 7?? 'Accum. Unite' 277 2 

. J M ScM. Cap Mn+3L _ 139 8 
• - 592 i.Vxtim.l'iilUi.. . 166.4 

3M SceUsc Olay 31... 162.0 
' Jimp "s Lendon Wall Group 

1595 .. .. 




286 0 




Fontetex 1 

Bnodselex 1 

«n*i Keyselexlntl 

f S? Japan Gth. Fund — 
2-S2 Kcgnelex Japan __ 
Jjg Cent Asset* Cap 

7.99 — 


3 78 World Wide Growth Management? 

— Ida. Boulevard Royal. Luxembourg. 

— Worldwide Gib Fd) 5USHM 1+008) — 


; ctj* ; ....Z- s. Sr Sc&wao ..w. 

.Stiuiawd,Cbmittre4 -..J % 

M g W itf ~ ' I IMS' 1+04 — i •■Prices on May Next dcalimt June 2P. lirawnh’ M2 5 

D^-ftroWiyiZZl M - Its - Equity & Law Un. Tr. M? laHhKcl ^. ,iilK May SL i«> P Areum ..! “zKi 

Vanbrngh life Assnxance AmerehamRiLHl8|i Wycombe. 04043W77 1 rw fiow D?"e ™n r °* Ul ' 37 ’ 

4M»ateteSt-Ldn.WlRPLA. Ol^OMOSS Bqular&taw |67.a 705| +0.4) 4 08 ® ^ e j ? s.jj FteimnaVprni" 

tti^gS^SWaBd..: iSmae*' •* % 

T -YotfaWre Bank *% 

ffenafams LboUed 

t St,L^ Wa a ^^ 01-4084823 

^ 1 ‘ CjpiUil ■ ’.Cium.; — 66.0 70.94* .... ‘ 

“ FnunlingtoD Unit Mgt Ltd. (al txtrainc M.« j 

5-7, Ireland 3anL BC4B5DH. SSuta---^St % 5 J 

American JBJ LOO. jncome 36^ 38jJ I 

Capital Tit 114,6 Et| ...... 3.92 Fwl/olii'in'- Kd._ 619 73.b«j -L4 ! 

lneemeTrt- 1836 llOJSdH 5.95 Unr-«.-MiKd'd«_.[58.fc 63.0^ ' 

i£5K!i:Z®i §9 xi NEL Trust Managers Lid.? Wigi 
_ . . Milton Cuu.rt. LViriung., Surrey. I 

Friends* FrovdL Unit Tr. Mgro* Keitta.-.. - — |6xi m w +o.4i i 

71' 7 . . 
JB 4 

96 5: -L4 

Lsira !nc. Growth. 37 9 40. 

Do. Accum- 13.6 46 

4.2J Financial Peru-. 162 17. 

7 67 Do. Accum.. . ... 19 8 2L 

510 llich Inc. Priority... 63.6 68. 

4.99 International _ 51 1 31. 

6,-a Sn**clal Sits. 30.5 32. 

TSB Unit Trusts (y* 

l 21, ChAnlty Waj , Ando: er. Hants. 

8 82 +D6J 5.81 
W.2 +8.7 - 
40.7 +05 10.39 
468 +05 - 

17.4 +05 4.B6 

2L2 +0 1 - 

683 +05 084 

33.4 +83 224 
327 +8.1 4.90 

558 Prices do out Include $ premium, except where Indicated 4-. and a re in pence 
52* imfccaied. YWda 96 isWn la last cdumnl idJow <«; 

524 include oil expense*, b To-day's pncaa. e Yield ba«sd onoUer prtce.-d I ^Ima ted. t Tfrdrf* 
800 opening price, h Distribution free ot U.K. Ww. 9 P^odlc jM^^ inBurwra^aM-S ^ele 
premium insurance, x Offered pnre rndodcs *11 eroenaes evrept agent a rammiwion. 
e v\ > Uttered prir+ tiy. Index ail expenses ii bough- throu^ manag^rrTwloite da/* price. 
5 “ ♦ Net of lax on realised capital pains unless indicated by ftjl Guernsey gross. 9 Suspended. 
- ♦ yield before Jerwy inx. t Ei-subdivisum. 

Dualincr. In 0284 63432 3 

I.G. Index Limited Ot-iiiil S4H6. September Coffee 1714-1729 
29 Lamont Road, London SWIU OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity' futures market for (be smaller investor. 

3311 i btTSB General [45 2 

Friends' FrovCL Unit Tr. Mgn* Xetaa.-..- — 1612 645[+0^1 4 02 miPo Accum. 573 

PixhamEndLDbridllS. 03066055 Nela-trIlighlnc....|5Ll 53.71 *051 7.B3 rfai TSBInconic-^. 603 

Friends Prov.Uts.. [425 45.44 +0JJ 423 For Sew Maas/iers Ltd aJJa^SS" 

D«. Accnm. m 53^+0^423 see Soilnchild Asset Management Sw^SSSmE wi 

G.T. Unit Managers Ltd.? - Norwich Union tninrance Grodyjbi tlster Bank? (a) 

10. Finsbury arcucECIM TDD 01-6388131 r« u ^T 51 Wi, nD|! Slre«L Bellas!. 

8£SR£=IH ? a :::::: IS S 

G.T. Inc. Fd Un — [139.7 169* 7.88 202HlR?i Moi‘»irn.’A'C1 V7EB u!-Wf>(Vl' , l Trust Acconc 

Oil 7.B3 ibi TSBInramc-^l 

-aha' : ( 0ida. [ 6fe.:ro i to; .asm. H» 

r.vSbbO » 2» : . .imd- over M4-’ 

inn^' (pnorantsL .~S. :% ' J~ Calf: dmetfs- «« - 

naiaand denwita C4fS. -f - 

%^- ymrf. . ^ ^ H 9 J %t ■ g l Ttatc~--afeb ' apj*« » Sierlh®. 

torertted are las. Baro Rato- taUe. aT . Unit Manager 
Welfare Tn+ i i I'AM * ~Cft Ud.? 18. Finsbury CircucECai 

T7wlAas.FotosiXTnc.KEnt. .' oataSKOS G.T. Cap. Inc 805 

Moneymaker FU. [ 1D23. 1 .-.J Da Are— W3 

For »"f ftgi ^ Matters Lid. 

see Roihschlld Asset ftfenaseaent 
Norwich Ldlon Ensnrance Grocy fh» L -i R »_ r Bank? iai 
P.O. F-jx-J. Norwich. NR13SG. OiEQSarcfl ,V. 

MooBsmaterFd-—} 1023 Jj I — ' Da Acc 975 3D4J 

Vocm ^ tojsfe pleBoarefer toneljmdmft G.T. Inc. Fd. Un — 159.7 UflJ 
: - + . Tl Mane hector Group. G.T. GjS. & G« — 1426 15L 

.Windsor life Assur- Co. Ltd. 132.9 mj 

J?* 0 ;™ ^ Sit 

48 4 +DJJ 356 
613 +0.4 356 

645u +0.4 7.04 

66.7 +0.4 7.04 
86 9n +0.4 270 
935 +05 220 


I 5-“! 

1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as al 2?.rd May, 1978 (Base 100 al 14.1.77) 

Clive Fixed Jnieresi Capilai 127.67 

Clive Fixed- imprest Jncuine 113.51 


72Aj:....J— G - 
?- , = & 
, g. 

- 2 ?-J5 pear! Grow in F*1 — |Z3.1 -24 9j+0 1i <90 rvl np Wl lllaih SL El/lfi OAR 

■a i-22 Acc^m L'liite — 275 29 6 +0JI 4 9T Fnun Hm:. Fund... [149.0 

U S-H Pearl Inc... jii? ' 34.1 +PJ 6.70 Aiol+rGrth. Fnd... p 1 *^ 

a S-S P.-ari l.'nil T. i- tes ntaw ! +0S SJ>3 Do. Accum. . _.^4 0 

“4- 50J Vrlcfer Growth Fund 

Pelican Units Admin. Ud. igHxi f u n cWiii WRlS ._ E c-sR0Aa 
'<8277)327300 31 Fannu'n SL.Mnneherfcr M1-2£C5«5 rnftinolniu „. p?3 
ml I a 79 Ivllcan I'niL—.— 133.4 8961+0 41 5.07 Ar.-im I'n.ix <14 n 

Unit Trust Account. & Mgmt. Ltd. 

CORAL INDEX: Close 4774B2 

-- G.T. Four MaFd__|DJ 36** . ..) 7.20 SSSlAT«“.«ii- s-ZZW I 
Z G. & A. Trust (aJtgKri Pelican Units Adm 

' — 5. RaylelKhRd.. Brentwood ' <8277) 227300 33 Fobjkj’'' SL.Mnr.ehe 

— . G.ft A_ [324 34i«J | 4J9 I'dlMO Unite— — PM 

+0.1i <90 KinjrWiUiaaSiLKi.'4RBAR 

Fnure Use. Fund,.. 149.0 
U'lfll+rGith. Fnd... 

Dc. Accum. . _.f54 0 

01-623 4S51 

1S7.0| | 4.32 

JO.? . ... 4J6 

35* 4J6 

8?.6[ +0 <| 5.07 Accum. Unite j34 0 

30.91 .. ..[ 4 36 

35. B 456 

smsueae:ce base rates 

v Property Ornwth ’ 

f V;in brush •juar^ni^cd 9 % 

Address iho-.n umi.-r Inrer.ince aod Properly Rond Table. 

■ lV - Azx-.x-i-jx&rj?--, . •£ -.7 - -. . 1 

• "• • 

Financial Times Friday 

I food, GKOGBRffiS— Coril 



( driversI 



Chartered Surveyors 
London - Aberdeen ■ Milan 


Price I* ml Dir. *V[ RkL 
£ | - | Gross | Yield 

3 n* z: -6 il« 

155 3 L95 

S.GXPjpe' 1980 75 &*} g-g 

TmuBpc ISM SWj 1 ** 

TurinOapc IBM — 1.1 MSI 6»: M.iQ 

94 | Uruguay ^pc 94 ... 31? 3.80 

V.S. S 8c DM prices exclude tnv. S premium 


Hli S7 l*w| suck I Price | -^ Ic'JnrsIp'Sj , r Sack | Prire 

Treasury Boc iHit. 


1+ nrj Dir. I 

£ | _ 1 Gnus [ r 

I Um I MDC* |mni-i hfij, iw) Sack } Price 

I 172 fJ HI kU? P?s |i5P.n, ?!? .a_| 390 


— ISehrodenEi.- . “ H ~~ 107 LudiielifeSfe: 106 

W MttjahrifcSi. ZMSI-10 U3-, ~ l\ ' £»* £2% XontHJtrffl... £29* 

70 SmilC S ADD- . 82 — r.l — tc ?J (Hniiltin 

3,78 StandUCfcaiUl 400 U7-S9 3 9 67 9.2 « • ‘Jfc _-,Tl 1M 

& Trade Dei 51*1. SIOti! .... i}55c « 5.5 ? **2 gKffln sh 

™ 3“ ...i.i5^i- 8 .o - 5 g ESS”: 8 . 

fjlU ^ SI* - 3c - fgg J|g MB 

60 Wrntni'lSMp. - 62 .03 — <•- — j ?- «, TtoeurSHd'.. lita . 




86 >? 




2®2* -* 

43 -* 

106* -3. 

87* -* 

' 75* -* 1LB8 
61 -i, 1X17 

119* -* 13-29 
. 63* -* 12J3 
82* — * 12.18 
-* 12J0 


UUrd EOe — I 

wlS "IsJs-i 
a* =i 

13*id -* 40c — 

20 Vc 64c — 

1^* -* 90c — 

31* +i* S2.2B — , 

7f . ”S? r 

13 rd +* 70c — 

57*2 -* SL00 — 
44 +* 52.40 - 

39* +* 52.50 — 
44*4 •+* £1.60 — 
24* -* 52.20 — 
19* — U 44c — 

928 pc) -21 SL00 - 

18* SLOfa _ 

32 51.00 - 

21 .... 52 — 

37* JIM - 
42* +* S3JL5 — 

24* SU2 - 

23* -* S1.40 — 
270 ^-* 5L90 - 
407, .. .. SL40 - 
31 *m -* S2.25 - 
23* *), 51.84 - 
37 .. .. 53.20 — 

10* 51.10 - 

16* SLOO - 

30 -* 51- 20 - 

39*2*1 +* 53 — 
Z3ri ~T t S2.50 — 
42 1 , +3, S220 — 
22*M) +* SL50 — 
45* +* SL9D - 
13 -►* S0.68 - 
206* -1% S1L52 - 
48*d -* 53.00 - 
15* 25c - 

908pd +Z °Oc — 
26* H) +* SI. 60 - 
29 +* S2.®8 — 

■ 39* +* 52.20 - 
16d +* £0*U — 

17*d +* hSLOb - 
19* ...... 51.04 - 

26d _.... 15c — 

27 51.00 - 

15*2*1 88c — 

l?*Hl -* 90c - 

479 p i-l — — 

26* + 1 653.68 — 
IB* -v* 60c — 

33* -r* SU2 - 
30**2 -e* VLHO - 
25* at +* 52.00 - 

149*4 10% - 

918p -28 - - 

19* 52.00 — 

34* - h 51-50 - 
. 127* ...... 80c - 

34* 52.00 - 

23VB +* SL60 - 
IS, -H 5L40 - 
42 +* 52.00 - 
675p -B 7*c — 
12* — * 930c - 
tossed on USSL8254 pi 
nr 0.6880 «L687W 

IWinlni'iSlp.- 1 62 [.. - I -.03 l — I * -> — nj 51, iTroriar3sni-.i.*B . 14* 

Hire Purchase, etc. c2 w* wanue tcniop 22 

ffll^taasaWdS* Sfi i 7 % WWTr ™ 

• B 1 8 SftSO; 9 !" tils » t « CINEMAS, THEATRES AND TV 

LodScoLFiB-IOf 42 gL87 3.0 6.7 6.4 pn 71 Anglia n'- .V — 77 |+1 I4.1B I 301 

. Xoorgziey.err.Ufp 10 — — 1 — 18.1 jj* 93 ass. Tele. 109 -1 }b635b2J) 

102 85 Pw.\ Financial . 96 4.87 23 w Ip jo 32 Grampian ‘A lOp 37 |. | 2 2 | 2.7J 

33*2 23 Sir) » Credit lOp 26 htl3 2.3 ». 6 ,5 55 Green Group lOo 

20* 10* Stnria Hid**. lOp 16*2 , _ - — - - 25* 18* s HVidWi'dap.. 

48* 3912 Wagon Finance- 44 faZ.06 23 7.1 4.6 j-7 108 HTi CT. 

135 W6 LWTA_-—_ ._ 


78 AiOed Brews. B9 -* 3.93 l.fl fa.712J b2~ 52 tTaerTVA".-. 

.\nnL fcst-Pr.lOp J 44 mOZ5 — 0.9 — 26* 23*2 Wemtaid TV I0p_ 

^ ll M ' 7B 35 iS1 L 3 DRAPERY AND STORES 

SoS«m.<.-l 109a: +1 h261 25 3 6 25.2 ^ p78 j.UJirdHeiail JOpj 254 J+2 ]dt7.92J 2.9| 

Border Brew - ?... 74 3.50 * 7.7 i J 1 33 Amber Day I0p . 1 40 


a,™Lw| StMk [ Ftte[*_”| M [crr|™|nE 

132 M7 asat= u i 1 = a H Ml 

Baker Peril. 50?- W -1 J3-91 4.4 6-4 55 

BunfonbaJpL 41 -1 L 7* 3.6 U *»' 

BsqraCas&SOp. 62 h2Jfi 3.7 53 7.7 

Bariofl&SoKL 5&*S +2* h2.72 33 73 5-8 

BeaufardlOp 50 d334 1|UJ 

Bevan.DP.t^I 17 gl33 23U.4 6.0 

BUinidQoalcait. 63 4.46 1-6 10.7 9.1 

BtnnmHiBi _ 81' 4.42 09 8.119.8 

98 ._... 56 1.1 8.715.4 

Blackwd Hodge. 89 2.90 4.7 4.9 b2 

21 B«wrEn«.ato- 33 -1 1.44 3.1 b . 6 7.4 

BTumseDtuLlM 39 +2 tZJfi 23 8.4 7.9 

Bristol Channel. 6* W26 0.9 ,63 CU2! 

British Norttzrep 84 -1 6.00, * .* 

BriL Steam 2Dp._ 88 H4.67 1.9 8.0 ^ 

BrnekboMe— 70* +* 13.62 2| ^ 

43 82 43 

Bren's Cast ap9_ 30 2D 

Bronx Eug-B^L- 29 137 43 8.2 43 

BnobaKkSZ 39 10 39 1 » 

Ewfeeiit'dP.Sflju. 146 +1 b635 2.1 6A 1£3 

Btwra*Taw»: 98 ..... 1438 3.7 63 63 

SrewnJobnB— 374- -2 T358 7.9 33 5.0 

Bnjlouhaop 144 +1 tfclfi 5.0 63 6.0 

tegenProd 42 +4 1233 4.4 M M 

BnttSfleld Hvy_ 59 1233 23 53 U2 

CaafedEutUta- 67 -1 b3u51 11 7.9 (731 

Capper-NeSil&p 76 +5 3.19 * 63 * 

OntoED*. 69 £332 43 6.8 63 

CntsrightR-lBp.. 61 63.64 14 9.0 7.1 

S iil» ?.i 2.9 g7 

Christy Bros 44 . — 1 131 5.9 S.0 53 

Clayton Son SOp. 74 .... 439 3-9 9.0 4.4 

Oifimdfajia*. 92 - — — 6.9 

Cohen lA)S0p 160 14.98 6-ffl 4.7 3.7 

Cwnp.Mr.__ 94 _... 3.62 33 5.8 7.0 

Canreatrk lto_ 39d 1239 3.4 9.4 33 

CookW.SbeL20pZ 26 fdl35 19 9.B 5.7 

CooperfPnlOp- 18* tl.O 3.0 a.2 

Cooper lnds. lOp. 19* gO-9 4.6 M Jj 

ConaTcroftJDp. 65 4339 14 7414.8 

Croade Group™ 34* 242 12 103 316 

Crown House — . 53* h3.03 1.9 8.6 9.4 

Border Brew’s... 74 
Brmm lUailhwi 138 
RncUey'sBrva . 47 148 

13.92 22] 5.113 31 40 
TlM 2 7l 5 310 3 40 
C66 ! 28 7 5 B.l) 3. 

Bunwiwoiyl .. .. 148 —1 3 10 53 ?.Z 91 ?* 

'"ii'LuJn l«cL .. 61 .... H 16 6 0 15.7 107 

dirt 'Matthew.. 336 *2 t5 21 3 3 5.E 7 9 

DmillcreSOp 183 +2 6.54 31 5.4 9 0 19 

'Jaroomt' !^pL.. 26 .... — — — £ 

Guugh Bros 3)p 49 . ... 2.80 * 916 l?-2 

Green all Whitley Hid -I t262 4.1 3.0 10.4 51 
Greene tuna .... 260 *3 t633 28 5.8 14.5 229 

Guinness 178 -1 7.02 26 6.0 3 4 ?6 

RighTd Disl.ajp. 141 29 2 5 3H95 1J2 

VmberDay I0p . j 40 
AqunsctiEumap .. 37 

Po A'Sp — 

Audicironic JOp 
Bakers Sirs. lOp. 
Baardman ED jp 
Ballon Text. 5p. 

Rremner - 

EnL Horae Strs. 

_ Brown.N*20p 

H^DIsTap: Ml . 29 25 31 195 lrg Burton.Gro.Mp 

InterRordon — 101 . . .. 2.23 4 3.4 ^-i9 S J 7 ® - ^ 59? 

Irish Diitillers - 152 +5 335 4J! 33103 j 5 M gBW>-A Mp. 

Macallan. Glen. 315 +5 4 67 23 2 2)227 45 40 ftikef IS.* 10p._. 40 

MortsDdU 47 Dd 1245 2 b 4.0 1*2 196 151 i.TmreK^___ 168 

San den an 65 2 31 6 5.4 6 " 4 ” 94 

.*-* Scotii Scrap- 69* 13.1 20 6.8 11.0 9b 75 Cope Spurts ipp.. 84 

ID 95 Tomaun 113 t 6 3.00 2b 2014.0 M* 81? liarneil Dress an. 13 

12 2 94 Vaus 12 2d T Z 14 02 24 5 0 !2i 

101 821? Whitbread 'A'.- 98d +2* 3.97 q3.0 61 6 2 21/ 

207 135 Wolr. Dudley 207 +1 5.74 3.0 4.2123 23 

177 145 VningBreWAMp 177 *1 3.18 * 2.7 41 110 

1ST* i 

High Latr! 

26 22 I 
50 44 

63 56 | 

65 54 

252 165 

£38% £2|* 
117* 70 
41 27 I 

1 74 SS I 

116 llg ! 

35 20 

126 W | 

111 89 I 

152 120 ! 

n £ 
47 « , 

78 55 ! 

95 77 , 

’s a- 

“» 1 

20 14 

54* 45J Z 

151 120 
*406 345 
207 161 

61 54 


39 34 

152 140 

SB 166 
115 97 

48* 38 

58 £ 

86 70 

67 54 

204 ns 

Class GloterSp-i 
CohJrel Foutw*, 
Qilliids lOp-— ! 

Kraft 5230- — — : 
j/s-bohsCb. 20p.i 

Mcfcmbds— — 

LordTfGJl— ^ 
jjronstfJEl — 
Heat Tn deSup- 


Forlr Farms 10p- 


Robertson Fo«a 
Rountree M. SOp. 

jainjtMiiy fJ.1 — 

United Biscuits- 


-We*4?~ ■***- 

46 ..;x t*2.« 

65 E3J?5 

63 -2- t«6 

1 243 4.41 

84bJ aw- 
£38* wsza 
85 +3. Uj2A 
34- dflS 
338 fl && 

no ...... 5 jw. 

i VS ...... • — 

Ttjfl 5.5 

» +3" 

135 — 

79 WU6 

76 Sh 

s s ss 

22ml L54~ 

f :r tx29 

+2- 152.. 
4-1 .■ 123* 
109. 4-1- <&.02 
■ 61 . 338 - 
28* *1: 135 . 

Sr. -1 154' 

MO 55Z. 

171 rt 23M 

M +2' 1^69 

29 7“ 
26 8 
W 9 

28 9» 


5f> 5a 

24 23 


Cummins 7W4- £100, 
69 DmkaGowertra.l 69 

- 3i - I 

_ 63 4.7 33' 

iDartutb 18* — t03 2 8 6.6 9.1 

DviA Met-’A >11 28 hfl-66 63 5.0 42 

Dairy InL 249 +2 W.9 28 6.0 83 1 

Ddson lOp— 34 +2 dl.51 03 6.8 (MA 

Delta Metal 71* 532 3-7 103 S3 

DannisJAWp- 4Zr2 1282 22 103 63, 

Den lend 5Cp 153d 9.97 * 9.9 * 

Desoutter-! 32B ...... 552 35 65 U 

DowniebnielOp. 33 2J1 29 9.7 83 

DuoileSteda— 317 . — 15.08 18 65 62 

Dntwt 73hiA +* 4.49 26 93 SM 

EdbrotHUesi 357 15.69 43 55 65' 

,w 54 
176 D8 
iTI? a? 1 ! 17 


81 (Aberdeen '’onst. 94 ... 451 « 7.4 * . 1 “ 

138 l.AbertiiawCem.- 144 +1 b7fa 3.9 7.1 5J 

Allied Plant 10p- 17 .... th0.7 6.1 63 5.4 » 

AmilageSbnks.. 66* ^2* 436 12 4.7 i12jB. 157 

Cornell Dress 5p 
Courts 'A' I 


airdaleTcxldpt 18 

tb 35 BtsntWalk«5p.-| 

'ift, 8 

96 75 KuranaUSflLc25 

215 162 iJ'dbrokelOp.-. 

IBU IS KLCharinctelOp 
230 180 M»ddletM 50p — 

44 25 Norfolk Cap 5p-_ 

51 36 North OlSuBip. 

165 76 Prince of Wales- 

38 21* Qneen's Moat 5p. 
168 138 Bawtmnatds~, 

81 58 5aro?“A n 10p- r - 

48* 30 Staku(Reo>1Sl>_ 
14* 9|* SHaRjaBbL^L. 
238 166 Treat & Parte—. 

39 22 Htaner Hats. ‘A‘ M il, 

390 225 Wheelertlllp — 

46 1* 

\W = 

133 +2i 

170 „.... 


116 . +X 
.96 ...... 


^ +lz - 


f 39 


160 1 -X- 


80 -1 

14* ; 

216 +5 

36 *-1 -I 
1348 +10 

LI4 . b2,4 
336 > 
d4.65 6 — 

NO 33 bl« 

4J25- - ZS 


0.49- 32 ' 
F6.6 45 

0.6 33 

0.91 35 

251 : CJ , , 
033 6 

scale Serin— . 117 . — 15.08 3.' 

iport 73*ri +* 4.49 2.1 

urolUldB] 357 1559 4J 

iliotUB.1 103* +1* 14-8 3J 

Card Oath. 8S l—.l 12.66 1 5.7 4.7 5.® 

AP CanenfEl- 247 
BPS lnds. 232 
Bailey Ben lOp 
Bamberg ers. 

Barred Dev. JOp. 

BenterdM. lOp 
Sett Bros 30p 
Blundell Penn. 
riL Dredging — , 
Brwn Jksn, 20p 






“ 9.34 3 5 5.7 7.6 “8 

1643 4.6 4.5 7 2 

23J 1.4 114 95 ^ 

.. .. 1d055 X8 i 11.2 1° 

12.9 31 8.S 5.7 If 

16.06 2JI0.B 5.0 

.... 183 2.0 12.0 b.S 

1075 - 6.9 - 372 

1.82 4.4 5.7 b 0 53 

dl.7 5.4 5.9 7.2 ?. 

.. .3.82 6 8.0 ♦ 

-■1 Z.B9 3.4 6.4 6.6 _J2* 

.... 5.27 L7 "I 9.9 If: 

+2 LO 8.0 J.T 7.7 if 

(2.03 25 5.0 105 . » 

1226 2 2 5.8 10.8 1 7 | 

td2.6 9.9 22 b.a 152 

dlO-15 15 85 5J 

165 * 8.9 4 

....... 132 25 8.7 62 51* 

+1 WWM 71 3.2 6.E If 7 

358 11 9.7 tl«3i l?j 

6296 35 5.8 i7.6t 16o 

+1 1.70 * ^b * “ 

+4 3.46 124 1.3 6.5 £ 

4U* 19 45 1330; 

4 13 OS 9.5 5L2i 160 

3.94 33 6.6 7.0 ^8 

td274 25 5.9 10.1 IbS 

idUH 5.6 5 1 5.5 11 

11038 3.4 7 4 5.1 

13.96 25 9.4 4.7 58 

+2 5.03 11 9.4 14.7 200 

§ +l 5.49 15 °.8 10.7 119 

0 5 * 5.0 * 88 

79 -^1 249 3.4 5.1 8.7 “ 

+1 dL76 1811.1 75 41* 

dL76 18 115 73 « 

23 23 03 82 * 

raladostiiiM- . 8V {43 3.' 

xpanded Metal. - 67 3.68 U 

inner (S-WJ— U9 1 d5.05 34 

loader [ire 509 S — — 

irthlGHjlOp 2S *4.03 04 

[uWriw20p__ 76 +2 *1332 23 

rikesHfawtSp 23* +* 137 6 

in tn la 

* *_ 

;r v -U)W^»Ui ■ I (Ml 



Price 1+ cr Dir. i Bed. 
£ — 1 Grass ! Yield 


BO I Doffli 

20 Foikes Hio n/»5p 23* +* 137 t U* 

55 Frentislnds 65 -f 337 4.0 7.9 3.7 

65 CaintnLTQp— 77 +1 13.77 2J 7.4 U 3 

82- GaxlonEns.lbp. 87 -1 5.7 2J 95 5A 

Cwi.BiwHad % 20* +* h0.97 3.1 7 2 5.D 

Syn^-Z-Z 110 820 12113115 

GnngesKUO— 7SI — — — — 

Green bank 10p_ 48s — .. dhU9 3.2 3.8124 

Green's Bmp.— 64 424 2210.0 67 

HtN.£l 261 -3 1556 19 9.0 72 

21* Babit PrecMsn 5p 33 d2i 1-3 92 20 . 

88 HBdei Carrier- % 7.88 U 123 01*1 

SI SaDEo£S0p 161 +1 4.43 4.0 6.6 55 

167 Rail Matthew— 220 +3 7.08 3.4 4.9 9.2 

HnlUteMp 138 t5-8 3D 6.4 7.9 

Hmym. . . 32* +* f(fli8.W 3.0 85 53 

HmikBachy.— 23 18 10120121 

Hawker SU 220 +2 4.08 5.7 28 92 

122 92 

*99 79*2 

6b 52 
42 35 

56 43 

65 36 

328 268. 
67 SO 
58 34 

62 44* 

35 27 

13* 9* 

219 174 

63 45 

114 .95 

79 63 

260 188 
180 145 
38 25* 

*223 180 
95 60 

52 29 
82 62 
203 152 
678 583. 

16 12* 
28* 24 
62 54 

57 46 
166 141 

8b 79 

53 45 

46 38 

37 26 

119 96 

137 125 
72 60* 

34 28 

265 127 
212 173 
197 125 
231 184 
205 163 
98 79 

74 56 

137 110 
14 10* 


• [A ATT — '_j.l 102 I I c£.05j 2.11 

* AGB Research- 90. l + V I K34 ] 

t tAanR«HBiw.I8p 64 i+1 11-97- |- 4,0 

AGBHeseaich — 
Acnmspa Bm. Up 

Abbey Lid. 






BBA Group 


HOC total. 


Baird (Wm.i£L_' 

Bare* WAT. A’ 
Barrow Hepburn 
Bath & Rutland- 1 



Baeekon 1 

Benttma 1 




90 +1 
64 +X 

65al +1 




1 31 +l" 


•-JS dr 

1-73* -* 

260 +3, 

172 -L- 


208B +1 


29 -1 

64 +1 


*E ± 

i * + 

164 LC 
82 +3 

«- -Li 
44 ..1. 
36 +1 

117 +5T 

253 +2" 
187 JL. 
14!sl .J— 


98 -L. 

61 Jl. 


Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Fbumtuno, London PSA 

Telephone: 01-248 8000. 

For Share Index and Easiness News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 


Amsterdam: P.O. Box 1295, Amsterdam-C. 

Manchester: Queens Rouse. Queens Street. 

Telex 12171 Tel: 240 555 

Telex 666813 Tel: 061-834 S381 

Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0922 

. Moscow: Sadovo-Samotecbnaya 12-24. Apt 15. 

Telex 7900 TeT 234 3748 | 

Boon: Presshaua 11/104 Heussallce 2-10. 

New York: 75 Rockefeller Plaza. N.Y. 10019. 

Telex 6360942 Tel: 210039 

Telex 6S3SO Tel: <Zi2i 54 1 4023 

Brussels: 39 Rue Ducale. 

Paris: 36 Rue du Senlier. 75002. 

Telex 23283 Tel: 512-8037 

Telex 220044 Tel: 23837.43 

Rio de Janeiro; Awenida Pres. Vargas 416-10. 

Tel: mss 10 

Tel: 253 4548 

Dublin: 8 Filzwilliam Square. 

Boric: Via della Mercede 55. 

Telex 5414 Tel: 785321 

Telex 01032 Tel 678 3314 

Edinburgh: 37 George Street. 

Suviiiholm: cm Svemka Dagbladct, Raalambsvagoo 7. 

Telex: 7M84 Tel- 031-228 4120 

Telex 17603 Tel: 50 60 88 

Frankfurt: Im Sachsenlager 13. 

Tehran: P.O. Box 11-1879. 

Telex: 416263 Tel: 555730 

Telex 213634 Tel: 682688 

Tokyo- 8th Floor. Nihon Keizai Shim bun 

Telex 8-C257 Tel: 838-7545 

Building. 1-9-5 Otemachi. Chiyoda-ku. 

Lisbon: Praca do Alegria 53-1 D, Lisbon 2. 

Telex 12533 Tel: 382 Eapro needs 32. 

Madrid 3. 

Tel: 441 6772 

Washington; 2nd Floor. 1325 E. Street, 

N.W.. Washington D C. 20004 

Telex 440225 Tel: (202) 347 8678 


Birmingham: George House. George Road. 

Telex 338650 Tel: 011-154 0922 
Edinburgh: 37 George Street. 

Telex 73484 Tel: 0314136 4139 
Frankfurt: tm Kachsenlacer 13. 

Telex 16363 Tel. 354637 
Leeds: Benn-ment Bonne. The Headrow. 
Tel: 0532 454968 

Manchester: Queens Rouse, Queens Street. 

Telex 006813 Tel: 001-834 8331 
Now York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 42302S Tel: <212i 480 8300 
Pans: 36 Rue du Sender. 75002. 

Telex 220044 Tel: 23&86JH 
Tokyo: Kasaham Building- 1-0-10 Uchlfcanda. 
Chiyoda-ku. Telex i 37104 Tel: 2S5 4090 


Copies obtainable from newsagents and Bookstalls worldwide or on regular subscription from 
Subscription Department. Financial Timex. London 

a fully Integrated banking service 


h: ... 

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Lomm. Union 


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MintH Hldgi 2Qfi 



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I'rop.fiftn a. 
Ridan Prop. 5p 

Recioivil Prop. 


•M I 4.1 
.84 <t> I & 

iL46 <£> 1. 

l-'.crnut. j :i)v 

■'.v. 14 1.vt 
.w.ja*-r‘ !!•:.• c 





_ 228 
4U 63 
307 12* 

it 1 ^ 


75 I M ]HawlbomL5i(p.) 74 J+5 I — J 
" 1128 IswanHiiiHerU I 132 I. . 16 B6 I 

4 65 

Supra Group ICp. 

Ilfftof Breeden . 


o.x j. 
13.64 3. 
±164 3. 
a. 16 z: 



83 UnjLTr , slnd.50c| 115 

28 tedworiclOc I 78 

62 (GoldFWP.^ 


10 * 

* ** 

tt ™ 

bJb ™ 

51 «S 


68 } 7 4 
A 128 
66 82'J 

' 157 
. . 248 

■*2 51 

y.’tlr. latlOp 




.24 . 

60 - 
85 ; 


B 64 
30 20 

air s- 

«! ®! 


17 12 

55 394 

fclff is 


74 I 55 

20 . 

V ancs -PP r _l 54 

' W 


I £2M* 


b£ 1— 1 272 

2.72 3.' 

3X3 « 



— 188J* 
87 W 

5.7 30 

3.8 188 






jfwcu lOp 
:r wee 

87 IH&Land 


215> 2 
58 - 


43 . 
126 +3 
Im.J 42 +J 2 
ilncL. 68 I 
P—l 35 


55 1 

273 ! 






3.0 13 

32 U) 


14 {. 
29 . 

215 +3 

|3J2 X. 
08 X 
t2 87 L 

Hoad Office; Osaka. Japan 

MINES— Continued 

j j+ art J>iv. 

Slock Price 1 — | SR 

+2" 2210! « 

564 +4 I 
61 .. .. ■ 
398. -6 
£59 -i 2 (? 

180 1. 

278 -2 
157 -ij 


175 Q 

70 -2 

132 64 

101 63 

245 148 
72 48 

138 81 

45 40 30 

215 125 
H 39 10 

*'* «2 I'Z 

~ 123 ;? 

iy 2 8 k 
160 U7 
4B 30 
U3% 7F0 
35 12 

510 310 
156 84 

70 35 


129 +2 
95 -2 
230 -10 


132 4-1 
36 -3 
209' +2 


51. +M 
122 4-3 

15h ■ ... 
160 +2 
47 -1 

510 . ... 

125 -3 
60 -5 




135 -1 
53k1 . ... 

343 -1 

272 +2 


450 -25 


425 .... 

28 1 ’ +li 

17 +l 2 

68 +1 



107 +7 
175 . ... 

175 +3 

79a +2 I 


57 +1 1 
£91 _.... 
68 +2 1 
67 +2 1 

1.50 o 6.3 6 

56.54 7.0 2.9I 6.3 

8.71 4. 4 9 « 

Q12®> 2.4 2.0 2X4 
♦13.83 3.8 7.410.0 
4 25 11 7.4 7.9 

[15.0 3 2 5.4 10.3 
Z0.66 63 - 4.6 

6.55 23 life (34l 

3.4 1.7 123 i58t 

132 6 3.3 * 

h!5 35 3.5 « 

f7 7 75 6 7 3.0 

57.7 7.5 6.7 30 

$4.45 13 ■ i 5.7 

H — — — — 

III. 7 5 33 3418.9 
13.0 44 4.7 7.0 

3.10 « 82 6 

f9.2 102 IS 8 - 
thO.7511.0 L7 83 
13.4 312 fZ7 - 


AjusJ Niecria — 26 

.A:erFj'jraSU;_. .350 

EeraliTin 55 

BenunrsiSMI 285 

i^.Aor . . . _ 137 

uold&BaseL3:p.- 10 

C-npeng Coai. 290 

Huagkwig 165 

IdnslOn 88 

Jajtfcrlr'ip 11 

KamunUngSU05Q. 68 

Killlachau 4E3 

UalarSedpngJKl. 395 

iPalsam; . 70 

Femkalen lOp 62 

PetiincilU 210 

SainiFiran— — 54 

SouACniity lOp 56 

South Kina SH&59 200 

SUinUslaj-anSMl. 300 

Sungt-i Ees S41 206 

Supreme Conk SMI 75 

Tauocfi I£p. 92 

Tongtah HtW.EJI % 

TroochSil • 210 

... . t251 

-3 M? 

. ... 12.0 

+13 _ 


... 0125 



r -vtno _ 


| Price i-lSl. 

rvr Gr s 1 


|Messtna H050 | -100 | ]$Q30c| L9( * 


16 - - - 

240 ... Q30c 26 75 

395 - - - 

228 +4 9.5 28 63- 

39+1 — - - 

£11% -‘1 - - - 

45 133 * 45 

167 +2 Q7c 29 20 


0.98 e 
125 L2 
2.6 10 
Lb 6 
0.38 12 

75 lAnglo-lndone&'n. 

65 [BenamCoPi IOp. 
H'j Bua (Africa 
31 BradAolllOp 

asttefie/d H^i — . 
iTherwtwse l(ip . . 
Cons. Hams lop— 
Grand Central 10p.. 


Highlands S550c_. 
Kuala Keponp MSI. 


Lda Sumatra lOp 
Malakoif MSI. 
PtuuuraUdu 10p [ 
Sungei KriaulOp_,| 


90 . ... 



- 235 -2 
43xc +2 
37 r»> 


322 . ... 
88 -1 
101 -1 
65 .... 

150 .... 
92 .... 
4gia ... 

71 -4 

1 - *•" i v l*** 3 jUdeu Mkcnriw iadlcaied. prices sod net dtrUcoda in to 
254 24 43 t*” 1 * and dcausiioada-u are 2Sp. Firimalcd prlcefearnlwes 

3c ic 50 relics and carers are baud an latcrt oimaal reports sod accmsu 

J ami. wtaere pewdbtr. are npdaled on half^eariy rtfarea. P/El are, 

t, 1 n : 1 calmlaud sb tbe bdi of net dUrlfariioa: bracketed Qfuim 

"n" ;■ ,, , i ladles ir 10 per cent, or more dlfferesce K ralnelefnit so tUT 

L« — o dietribtKiaB. Covers are based m ‘■Btref dfstrUariaa. 
+f nl~6 11 4.8 Yields ert- based OB csiddte prices, are frees, adlasted 10 ACT of 

+*; hC'i.O 13 12.3 34 per ccul and silow for value of dretored ■ttstrfiwtiaiis and ■ 

0.55 6 83 riehis. Secaritias «ilb decoertnaUro* ether chau MerUag are- 


-1 +t«.0 

-1 Q2D.9C 


6t4.0 L6 4.4 
Q20c 0 4.7 

h0.43 33 

-4 ' fi? L« 

83 rights. Secaritiss »ilb decomlnathm* other chan sterttug are- 
4.8 quoted ludushe of the Imessmeat dollar premium. ; 

6 .° 

4.4 4 Slerluig denorainaictl securiiies which Include inveeunoat 
a_2 dollar preruum. 

5 n ° “Tap- Stock 

j 4 ■ Highs and Lows marked thus have been adjusted to allow 
7‘ 7 for rights kaaiea for each. 

t Interim since increased or resumed. 

,7 t Imenm since reduced, pasted or deferred. 


Isdia and Bangladesh 

{220 J123 iLnnuva 

j 169 
Sri Lanka 
} 180 

3 “ tf TUx-iree to non-residents on application. 

>j. 0 Figures or report awaited. 

• rt Unlisted seenrity. , 

* Price at titne of suspension. 

5 Indicated dividend after pending aerip and/or rights iaaua: 

covet relates fo previous dividend or forecast. 

— Free of Stamp Duty. 

♦ Mm-fier bid or reorganisation in p rogress. • 
to A Met comparable. 

o'i ♦ bamc interim; roduecd find and/or reduced earnings, 
on indicated. 

.!■; i Forecast dividend; cover on eanungs updated by latest’ 
-f * interim statement. 

6.0 jt Cover oilmva for conversion ot shares not now ranking for 

208 A9.51 591 6U> n Npl comparable. 

3C5 Sj 16 25 49) ®"i |* bame interim: reduced Gnat and/or reduced earnings. 

L 3TU? S ii Forecast dlridend; cover on eanungs updated by latest’ 
*■* ‘v rl.70 Lo|IL.1 1 interim statement, 

3^5 -1 412.00 35J 6.0 Cover allows for conversion of shares not now ranking for 

525 vlO-OQ 0.81 «./ dividends or mnianfi only for restricfed dividend. 

235 1133 2.71 0.7 f. Cover does not allow for shares which may also Tank for 

3S5 Z5.0S 4.9f 5.9 dividend at a future dace. No P*E nUo usually provided. 

2flli ^FL72 3.2)113. ^ Excluding a final dividend declaration. 

218" -1 P13.0 ZfA 9.8 * He?ioDil price. 

169 9.0 4,71 fi.i ,! 

1 a TSx free b Figures based on prospectus or other official 
•.'stiBUle. c Cents, d Dividend rale paid or payable on part 
a.' capital; cover based on dividend on full capital. 

I I 55 I 15] 4.6 e Redemption .'letd. f Flat yield, g AsBumr-d dividend and 

yield, b Assumed dividend aod yield after scrip issue. 


558 L2; 

3.6 LI 
4X5 LOj 
25 L0 
L2 13 
8.0 IX 

4.05 LI 
1.5 * 

+256 LO 
330 L0 

247 -4 - 

286 -5 105c 

£34>2 Q55Q( 

123 -8 Q13c 


93 1 571; Bracken Rl 

| i Fajment from capital saurres. k Kenya, m Interim higher 

than proricus total, n Rights issue pending q Earnings' 
MO 1+2 J 50.0 i <5 [I-i 0 based on preliminary figures. r Australian currcncy- 

175 (+S 1 13.0 ( 6 [1L3 s Dividend and yield exclude a special payment, t Indicated 

* 1 dividend; cover relates to previous dividend, P/E ratio based 

on laicsz animal earnings a Forecast dividend; cover baaed 
in in previous year's earnings, v Tax !rw up to 30p in the £- 

W » Yield ailows for currency clause y Dividend and yield' 

based on merger terms, c Dividend and yield include a 
spec -of payment: Cover docs not apply to special payment. 
A Net dividend and yield. B Preference dividend passed or 
. deferred. C Canadian D Cover and P/E ratio exclude pnafl la 

, ni “I ™ -T’. — at l.’.FL. leracpiiK subsidiaries. C Issue price. P Dividend 

■Si ”* o c c i aiKl fh-ld bn«l oo prospectus or other official estimates for 

■£» 2 ’*’■ S'-™’ 9 * 19T7. 76. n Assumed dividend and yield after pending aerip 

23 —8 Q13c 6.7| o5 and/or rights iioue. H Dividend and yield bared on, 

prospectus or other official ert urates lor 1B7&-T7. E Figures 
• hosed on prospectus or other official estimates for 1078. 

n ANTk K Dividend and yield based on pros pec m* or other official 1 

ait-tii. vur .^sumabsa for 1378. N Dividend and yield based on prospectus 

cot, [ l+oiCnl l cm o or other official estimates for 1B7B. P Dividend and yield 
wtGvISS. r=! hosed on prospectus or other official estimates for 1977 

25*j -l»j tvJ20c LX - 

358 NZ5c - 41 

107 -A Q19c L81D.I 

354 -4 +V34c LB 5.i 

a ± 

42 +l 2 


i ~ hosed on prospectus or other official estimates for 1977. 
“ A ^ $ Cross. T Figures assumed. L No significant Corporation 
fo ini Tat payaf-le. Z Dividend local to dale, ff Yield based on 
Lg lU-b .ujunpijoo Treasury Bill Rale stays unchanged until maturity 
rS 5’1 *f stock 
1.2 43 

L0 28.S Ahbreriatiocs; ales diri dead; a « scrip issue; a ei rights; a ex 

— — oil; d ii< capital duertbution. 

0.4 26.? 

L7 21 Recent Issues ” and “ Rights " Page 3S 

This service is available to every Company dealt io os 
Stock S^chanses throughout (he United Kingdom for ■ 
231 8 4 fee of £400 per annum for each security 

l3 8.4 


The tollovn ng is a selection of London quotations of shores 
previoasl)’ listed only in reciooal markeio. Prices of Irish 
issues, most of n’hicn ore cot officially listed in London, 
are ns quoted on iho Irish exchange. 

AJoany idv.UOp 

/vihFp;nning . 

3ertam .. 

Clover Croft- — 
Cra:g6 Ro2e£l 
In-Stin iR. A.) A . 

EiliS t McKdy 
Evans Fr’k-lOp 
Svered. ........... 

Fife Forge 

riniayPBR. 5p- 
Kigsors Brew- 

r.o F.'-Sln.£l ... 

HoltiJcs >25p- 
.N'lha Goldsmith 

Peel ”itis 

Sheffield Brick 

270 ... 


37 ■‘■3 


57d ... 

X6rat ••• 

5D ... 

82 .... 
150 .. 

265 .. .. 

54 -1 
155 . . 
20 . .. 

Shetf. RefrshmL. 52 
Sindall (Wm-X.. 85 

Conv.914 ■80/82. CWa 

Alliance Gas.... 73 

Arnott 340 

Carroll W -5 

Clondaikin 98 

i^nerete Protb.. 133 .. . 

Helton fKldgs.1 41 

Ins. Corp 340 

Irish Rows 130 +10 

Jacob . 68 

Sunbeam...... 34 +2 

T55.G — 175 +5 

Untdare- 90 

Wifoldinp 50c 


1?-M J if 

GddFleidsiA 25c 

r mance. Land. 



CcwanaMfet ip, 


rl'olcs’-elia.. _ 
ij'”. Itii'l. LS-p 
50 I'l'Ti'MiniiKlfo. 
40 SEr.'kfM House . 
12 IrA Lm't IDp.. . 
22 |. : ::ii..raLunto ‘.r. 

100 !*-• Mur. idea 5p 
16 jHrdD^Licd.lOf. 





137 +1 
178 +2 
173* -i« 
£16 . ... 
£13 . ... 

£13ia +ig 


Wl +iz 
X63 +2 T 


aojf -if 


410 +2 

57 +2 


214 +2 
259 +1 


. 3-ERonih Call Rates 


£ SPffl 

o 356 


. * 74 

B.4| 9B 

£36S + 1 * ifbOOc U 9J5 
_S4ffl +2 tw7Jc LO 5 0 
350 -2 Q523c 33 9.0 

£11*2 Q2CCV 355 b 10.4 

65 ,nK'C LQ i 
86 +2 *Q2U. ; 14 + 

Indus trials 
A. Bros ... — ■■ 
AJ'. Cement.. 



Barclays Saak. 


Boots OniC .— 
Bowalers— ..„ 


EritifbOxj8- fl 

Browr.U./ - 

Bufton 'A - - ._ 
Courtauids _ .. 



Ej.tlc Star — 


ilcn. Acndem 
C-cn. Eiutiric.. 
Glu .-;» — - - 

Grand Met 

G L'.S V. .. . 
Guardian . ... 

n k N 


House of FVs»s. 


6lj “Imps"...- 

18 T.CJ 

9 Invtresk....- . 

U KCA — 

25 Ladbroke 

35 L£gaJ&Gen... 

15 Lex Service... 

16 IJoydsBank,-. 

24 “Lois" 

6 London Brick. 

20 Loot ho 

12 Lucas inds. — 
5 Lyons fj.l 

10 " d>nw" _ 

G Mrfcs. & Spncr 
15 Midland Bank 

7 NOJ 

11 Nat Pest Bank. 
14 Do. Warrants 

17 ?&ODfd 

18 Plessey 

ifl P..HJ1 

9 Rank Org. ‘A". 

20 P.eedlntnh 

18 Spillers. 

22 Teaco. 

2d Thore 

12 Trust Houses . 

20 Tube invest ... 

6 Unilever. 

20 Utd. Drapery.. 
8 Vicfcers 

3 W oo [worths.... 
17 _ 

14 Property * 

7 Brit Land 

“ Ca^.Cownfe. 

f Intrmiropean 
f- Land Secs....— 

“ MEPC. — 

s° Pe&chey 

Samuel Props.. 
“ Town L City- 

go* ' 

10 Brit Petroleum. 

8 BurmahOil — 

g Charterhail __ 

5 Sii«U 

Ig Ultramar.— 

“ Hines 

4 Charter Cons.. | 
22 Cons. Gold .... I 

15 RioT Zinc.. I 

A selection of Options traded is (then on the. 
London Stock Exchange Report page 


i&~- * 



MORE THAN £13ra was added 
to the market value of Invest- 
ment Trust Corporation yester- 
day after an announcement late 
in the afternoon that it had 
received an approach from an 
unnamed bidder. 

From an ex-dividend price _of 
203p. the shares rose to 245p, 
putting a value on the trust of 
£77ui. This Is £Pm short of the 
net asset value of £S6m f274p 
per share; declared by the 
managers only last week in 
figures for the year to May 1. 

Tf the offer goes through, the 
corporation will be the third 
large investment trust to be 
taken over in the past year. Both 
the others were acquired by 
pension fluids of nationalised 
industries and the market Is 
expecting the bidder to emerge 
from the S3ine stable this time. 

Black Diamonds Pensions, a 
subsidiary of the National Coal 
Board, first paid 1100m for 
British Investment Trust. It was 
followed rapidly by the British 
Bail Pensions Funds, which paid 
£80m for Edinburgh and Dundee, 
having losr out to the Prudential 
in the bidding for Standard Trust 
at the beginning of the year. 

On the basis of the formula 
thrashed out during these two 
hids, the market helieves that 
any offer is likely to be close 
to the net asset value. 

Investment Trust Corporation, 
which Ls one of the largest of 
the 15 trusts managed by the 
Robert Fleming group, has total 
assets of EBSm. This ranks it 
about 15th in a sector which 
controls assets of more than 

A little more than 43 per cent 
of its investments arc in the 
U.S., while a further 8 per cent 
are in the For East. The UK 
accounts for the balante. 

may receive 
n State aid 

for dollar 


FORD UK may receive almost 
£100m of Government aid 
towards the £lS0m capital invest- 
ment involved in its plan to 
establish an engine plant at 
Bridgend. South 'Wales. 

This is indicated io new 
Government figures on selective 
assistance grants which show 
that the U.S.-owned company has 
been offered £75m to assist job 
creation and job preservation 
mainly in Wales and the north- 
west region. 

The Bridgend plant is expected 
to take by far the largest propor- 
tion of this sum. although Ford 
is not commenting in detail on 
the figures. In addition, the new 
factory should be eligihle for a 
further £36ni worth of Govern- 
ment assistance under the 
regional grants scheme, which 
gives 30 per cent on eligible 
capita! expenditure. 

According to the Government, 
the other main recipient of the 
selective assistance finance, 
awarded under section 7 of the 
1973 Industry Act, will be Ford's 
plant at Halewood, Liverpool. 

The company said yesterday 
that this is to receive an injec- 
tion of £200m over the next four 
years as part of the recently 
announced £lbn investment pro- 
gramme for the group. 

Much of this money is expected 
to be related to the so-called 
Erica project, which is designed 
to develop a new. small car and 
which will embrace the Bridgend 
engine manufacturing project 
and new production facilities ar 

The assembly, body and paint 
plants at Halewood, one of the 
sites earmarked for making the 
new car, will receive £160m, and 
another £4flm will go into the 
transmissions plant to create an 
extension and enable increased 
production for other Ford fac- 

The Erica programme, the most 
important Ford has launched in 
Europe since the development of 
the Fiesta, is believed to account 
for about half of the £lbn the 
company is expecting to spend 
up to the end of 1981. 

All of the £75m selective 
assistance made available to the 

company is connected with ibis 
project and some of the money 
is expected to spill over into 

other Ford UK plants at 
Swansea and Belfast which will 
be making parts linked with the 
new car. 

Other Government assistance 
will be available to Ford from 
training fund schemes and sec- 
toral assistance given under 
section S of the Industry Act — 
money related to productivity and 
efficiency rather than jobs as in 
section 7. 

Mr. Terry Beckett. Ford UK's 
chairman estimated that the con- { 
tribution from the Government 
towards the whole of the £2 bn 

at high 

investment plan would he in the j 
region of £L50m during the four | 

The formula by which the 
Government has arrived at the 
£75m it is offering Ford has not 
been publisher. But the general 
formula is related to the total 
cost of a project, including 
working capital. For Bridgend, 
this is reckoned to be in the 1 
region of £250ra, including £70m 1 
of working capital. 

Staff cuts plan outlined 
to British Steel unions 

By Christian Tyler, Labour Editor 
A DEPARTMENT of Employ- 
ment assessmern of work-sharing 
as a way of reducing unemploy- 
ment Has been attacked by the 
trades union research unit at 
Ruskin College. Oxford, as 
'* inadequate and misleading/’ 

The unit also accuses the 
Department of falsely claiming 
that half the cut in the normal 
working week for manual 
workers between 1954 and 1965 
— 'from 44 hours to 40 — was taken 
up in extra overtime hours. 

The Ruskin paper, which has 
been sent to the larger trade 
unions, is a reply to an article 
in the April Department of 
Employment Gazette on 
measures to tackle unemploy- 

The Gazette article concluded 
that the special Government 
measures were a better recipe 
than cutting the basic working 
week or extending holidays. It 
also said that culling overtime 
was ** more promising/' 

British unions, led by the 
Transport and General Workers, 
are beginning to join a Euro- 
pean campaign for a reduction 
in the normal working week to 
35 hours'. 

The Ruskin team, which con- 
sults the Department's statisti- 
cian!!. is providing much uf the 
unions’ statistical ammunition. 

Union crusade. Page 22 


poration hag presented unions 
with plans for cuts in white-collar 
staff and closure of the cor- 
poration's Gower Street offices in 
central London where 400 people 
are employed. 

British Steel’s losses last year 
totalled £440 m and losses of 
about £400m are forecast for this 
year. More than 10,000 shopfloor 
steelmaking jobs have already 
been abolished in a bid to cut 
losses- Redundancy payments of 
up to £17.000 per man have been 
made in exceptional cases. 

The corporation intends now 
to achieve even bigger manning 
cuts on a percentage basis among 
white-collar staff in London and 
provincial steebnaking centres. 

Closure of the 15-storey Gower 
Street offices will mean some 
redundancies and a redistribution 
of the remaining staff between 
the Grosvenor Place headquarters 

and other BSC offices in 

The net job loss will be about 
180 and lie cuts will bite deepest 
at senior level. More than 10 
senior management jobs with 
salaries above £10.000 a year are 
to he abolished as part of the 
streamlining of the London man- 
agement structure. 


Redundancy payments are 
expected to average £4.000 for a 
45-year-old office worker with 20 
▼ears' service. In addition, 
British Steel guarantees to make 
up pay for a limited period if 
the redundant worker obtains 
new employment at a lower 

Moving some of the displaced 
Gower Street staff to Grosvenor 
PUlace will increase staff at the 
head office from 550 to 750. On 
nationalisation in 1967. British 

Steel inherited a London office 
force of 1,650 in 12 separate 
offices. After the proposed cuts 
the London staff wil be reduced 
to 950 with further cuts to 

The Gower Street building 
consists of 90,000 ft of modern 
office acommodation. Built in 
1962. it was originally rented as 
the London offices of the South 
Wales steel company Richards 
Thomas and Baldwins. 

British Steel expects to save 
£lm. a year in establishment 
costs by the closure aod a 
further £lm a year in wages. 
The building will be put on the 
market soon and the corporation 
is confident of making a good 
profit by sub-letting. 

In a further cut in overheads, 
British Steel is ceasing publica- 
tion of its prestige magazine. 
British Steel, which has appeared 
quarterly since national isation. 

over banking irregularities 


SPANISH authorities' efforts to 
improve banking practice 
threaten to cause a political 
storm and expose serious irre- 
gularities In the system in- 
herited from the Franco era. 

A series of cases of alleged 
illegal export of capital and 
alleged fraudulent bank manage- 
ment have come to light recently. 

Three people, including a 
former senior board member of 
a leading family bank, Banca 
Coca, have been charged with 
alleged breach of exchange con- 
trol regulations involving Pta 
651m f£4.4m>. 

Meanwhile, the former chief 

executive and major shareholder 
in Banco Cantalirico. one of 
three small banks to collapse 
this year, has ben made the 
subject of a criminal action for 
alleged fraud, by the Bank of 
Spain and ihe 108 other Spanish 
banks who are shareholders in 
the corporation formed two 
months ago to rescue the bank. 

The Ministry' of Finance is 
known to be investigating pro- 
perty deals in Malaga carried out 
by companies alleged to be in- 
volved with Banca Coca, which 
is at present finalising a merger 
with Banesto. currently Spain's 
second largest banking group. 

Apparently acting on a tip-off. 

MADRID. June 1. 

members of the fraud squad 
arrested three men on May 11 in 
Madrid; Sr Enrique Minarro 
Montoya, a former senior board 
member of Banca Coca, Sr Diego 
Ferrer Gomez, a customs official, 
and Sr Antonio Fabrcgas 
Mouipeo. a businessman. 

At the time of arrest, a 
quantity of peseta notes were 
discovered and further substan- 
tial quantities were later located'. 
The men— who have now been 
released on bail — were charged 
with seeking to evade foreign 
exchange regulations and withi 
the illegal transfer oF pesetas 1 

Bankers divided. Page 3 j 


By John Wyles 

NEW YORK, June 1* 
authorities to support the dol- 
lar continued at near-record 
levels In the three months 
February to April. 

Foreign currency sales by 
the U.S. Treasury and the 
Federal Reserve totalled 
l $L26bn during the period, 
| according to quartely figures 
[ published by the Federal Re- 
serve Bank of New York. 

I This was not far short of 
j the record $I.5bn spent in the 
j preceding quarter, when the 
U.S. authorities adopted a more 
forceful policy aimed at enrb- 
| iug the “disorderly market" 
for the dollar. 

Major swap lines established 
with the West German Bundes- 
bank in early January have 
been the backbone of the inter- 
vention policy. Total V45. debt 
to (he Bundesbank rose from 
$1.6S8bn at the start of Feb- 
ruary to $2.619bn at the end 
of April. 

During the quarter the 
Federal Reserve and the Trea- 
sury sold the equivalent of 
Sl-210bn in Deutsehe Marks 
and $5Dm in Swiss francs, 
drawn on a separate swap line 
with the Swiss National Bank. 


Officials at the Federal Re- 
serve Bank of New York feel 
that stabilisation efforts have 
had some success, although 
they acknowledge that foreign 
exchange dealers arc still very 
nervous about the futnre. 

Although the Carter Admini- 
stration’s more vigorous stance 
against domestic inflation and 
the Federal Reserve Board's 
credit tightening moves 
restored some confidence in 
the markets, the $2.9bn trade 
deficit in April coupled with 
that month's big rise in con- 
sumer prices coaid put the 
dollar under fresh pressure. 

Overall gross intervention by 
major central hanks totalled 
$31bn between Fehruary and 
the end of April, compared 
with S29bn in the preceding 
quarter, with activity tapering 
off as the foreign exchange 
markets settled down during 


The dollar was again weak 
in early European foreign 
exchange market dealings, 
after slipping further over- 
night in Tokyo. But in quiet 
markets it picked up daring 
the day to end in London at 
levels close to the previous 
day's rates. 

After touching Y220.75 
against the Japanese currency, 
tlie dollar recovered to Y221.45 
compared to Y22I.40 on Wed- 

The Bank of England was 
thought to have supported the 
pound to hold its trade- 
weighted index steady at 61.4. 
In late dealings sterling 
slipped against the dollar to 
end with a loss of 65 points at 

UJS. economic index up. Page 4 
Yen strong, Page 5 

Buried beneath BP’s account- 
ing systems are some oil com- 
pany results waiting to get oiit 
The oil analysts fpent a hot 
afternoon trying to derive clear 
meaning from the group’s re- 
ported net income figure of 
£80.6m for the first quarter, but 
by and large they failed. The 
main complaint was that BP has 
given no indication' of the 
corporation tax which is no 
longer charged under its new 
ED 19 reporting method. Since* 
last year, the uncharged tax 
varied on a quarterly basis from 
£54. 3m at one extreme to £3.6m 
at the other it is bard to be 
sure what is happening, on an 
underlying level, and it could 
be that the failure of BP to 
reach the £90m or so generally 
hoped for siinpl^ reflected tax, 
fluctuations. At any rate, 
despite a markdown on the 
news, the shares finished 2p 
higher on the day at 87Sp. : 

Comparison with the first 
quarter last year, when net 
income was an adjusted 
£144.8m.. is unrewarding given 
the large stock profits then 
included (while January -March 
this year suffered small stock 
losses). The latest figures 
appear tn mark a recovery from 
the rock bottom £4S.9m_ of 
OctoberiDecember last year, 
but here again great care is 
needed for most of the advance 
reflects exchange movements 
which, thanks to the weakness 
of sterling in March, swung 
from strongly negative to 
modestly favourable for the 
latest quarter. On trading 
itself, the clues are only that 
European oil operations im- 
proved in most countries, but 
worsened in France, while 
Forties income fell back 
because there was no repeat of 
the stock rundown of the pre- 
vious quarter: in the U.&, 
Sohio (still for the time ..being 
unconsolidated) was somewhat 
disappointing, but there was a 
first time positive contribution 
from the Trans Alaska pipeline. 

The question now is how 
strongly the U.S. interests will 
show up in the later quarters. 
Net income estimates for the 
full year range widely from 
£450 m. to £600ra. on the ED 19 
basis (say 120p to 150p a 
share). For the momenf, how- 
ever, Wall Street is a more 
important influence on the 

The investment trust sector 
has been going through a lull 
since the success of the bids 
for Edinburgh and Dundee and 


Index fell 0.6. to 478.2 

British Investment Trust late 
last year. But it was only a 
matter of time before some- 
one else tried a similar move. 
This time the selected target is 
the Investment Trust Corpora- 
tion — net asset value £86nL— 
from the Robert Fleming stable 
which has received an approach. 
The predator is striking right at 
the heart of the investment 
trust community. But there are 
no further details at this stage. 

The last two big takeovers 
have more or less set the terms 
for further bids in the sector. 
The average discount for all 
investment trusts, according to 
Laing and Cnackshank, is now 
about 28£ per cent Pre-bid ITC 
was at a 27 per cent discount 
leaving room for takeover terms 
to look attractive to share* 
holders. The offer ought not 
to be far off iTC’s 279p a share 
estimated net asset value. 

The criteria, so far for such 
bids have been that the trust 
should be big— ITC is one of 
the top 20 — and not protected 
by any substantial cross hold* 
ings. ITU appears to fulfil both 
requirements. So the second 
open season for investment 
trust bide seems about to begin. 


UBM may well be the jewel 
in the crown of Equity Capital 
for Industry but a 34 per cent 
increase in pre-tax profits is 
hardly a glittering performance. 
Pre-tax profits of £3.6m are still 
less than half the level of 1974 
although turnover has risen by 
over 50 per cent in the inter- 
vening period. For the first 
time in four years the dividend 
has been Increased — by 2 per 
cent— but cover has slipped to 


■ ... ■ 

L2 times and retained earnfatg^S 
are a seventh lower. : . ■ 

Bad/ weather and | 

troubles depressed profite b^^l . £ 
say, £0.510* but even ' sbthe “ 
traditional build ers’ ihenfiuH£-M ! ~ 
business, which accounts * 

around- \twfcthlrds of . groups 
profits, showed only- a. maTgfainj •*? 
underlying improvement 
bad not been for : 
reduction in the interest 
the outcome would have been*?;, 
even- lower. . . * - • 

. Fortunately, TJBJSFfe . ■■ ' 

overseas (prinripa^ In L Iiifiwi) V.- ' 
and in the UK motor trade ; iit£; 

paying off handsomely 
group’s long term objective 
to have twothirds of its profits; : _ 
coming from its hon-teulding 
side. In the short ternC ' 

ever, it . is tied very much to/ > - 
the UK building and maurfen// . 
ance cycle aitd. here there. are^. 
at last signs of an upturn. Sfnoe'-'f/ 
the volume of -business ^gt&grST'!.. 
through its builders’ merchant-; 
outlets is. 40 per cent down ojr':- 
the. peak . of four years ago any. yj 
volume growth should /shows?’ 
through, quickly in TJBIPtfV. 
profltsl But it-' will also, .put .- ' 
pressure, oh the group’s^' 
rag caplfedr-^ignce last yeaffr . - 
call on ECi. At 72p the shares^i 
yield 8.8 per cent- . - AS"- " 

Giles . ' 

The shadows overhanging the-- 
gilt-edged market show litfl®:' 

^gn of disappearing. Yefet taxtafftyV' “r 
prices of both short and Idaffcj. 
dated stock fell by up hr f of a' _ 
point and Ihe FT Gavernineut ; 
Securities index hit a new 197S i . : ■ 
low.' Apart : . froth . inflation 
worries the fact that the NIESR- • 
had tucked away a BCE fore-! . 
cast of £7.9bh for 1979-79 was ’ 
not good for Ihe market's, 
morale. In the short tea^,"nK»K%‘:,rir “ 
over, there is increasing unease;, 
about the role in the market bf "' . 
the building societies and to V; 
lesser extent the savings hank* : J- 
In 1977 they invested - - 

£L2bn together in gilt-edged - 
(more .than the pension funds) 
as their deposits rose x^qndlj.-- ‘ : . 

However, there are signs that 
both the savings banks and toe’ ;t* 
building societies are beconaag " 
significant net seIlers. Comparedr ;" 
with last October, when • Hie' : 
building societies were attract-/ . 
ing close to £600m per month,- 
the inflow has dropped - '.to 
around £150m and With ad- . 
vances running at £7 50m a 
month the building societies* at 
least, are- running down their;'-— 
liquidity and this includes sell- 
ing some of the £3bn of gSts in = . 
their portfolios. 

out terms to Tories 


MR. DAVID STEEL, the Liberal 
leader, yesterday publicly spelt 
out what his party would 
demand for backing a minority 
Conservative Government should 
Mrs. .Margaret Thatcher fail lo 
score an outright win in the 
o'eneraf Election. 

The tone of Mr. Steel's speech 
last night, which listed four areas 
where Liberal influence on Tory 
policy would be crucial, shows 
that he would be much less com- 
fortable in an alliance with the 
Conservatives than in a new ver- 
sion of the Lib-Lab pact which is 
soon to expire. 

But it underlines a key element 
in the strategy his party will 
employ Lo light the election: that 
if ihe Liberals hold the balance 
of power, they would he ready to 
negotiate with either major 
party and attempt lo remove 
extremist aspects of its policies: 
The four •■conditions" he set out 
for the first time to constituents 
in Roxburghshire are: 

| — An end to the “confrontation 
x mentality" pressed. by 
“extremists surrounding Mrs. 
Thatcher” over relations with 
trades unions. Liberals would 
support the moderate line of Mr. 
James Prior, the Shadow Em- 
ployment Secretary. 

'J — The National Enterprise 
■“ Board and the Scottish and 
Welsh Development Boards 
would not be abolished, nor 
would their roles be diminished. 
1 — The installation of devolved 
assemblies in Scotland and 
Wales, subject to popular 
approval at referenda. Mr. Steel 
attacked the disgraceful Tory 

retreat front their promises of the 
last election manifesto. 

4 — Protection For immigrants 
from the threats nf “racialist 
inspired nonsense which comes 
from the uncaring lips of some 
Conservatives” and which caused 
grave anxieties. 


Senior ministers meanwhile 
were drawing immense en- 
couragement from the result of 
the Hamilton hy-election where 
Labour nearly doubled its 
majority orer the Scottish 
Nationalists from 3.332 to 6.492. 
The result was hailed by Mr. Ron 
Hayward the party's general 
secretary, as “ magnificent " and 
the forerunner of a “ substantial 
Labour victor? ” at (he General 

Particularly heartening were 
the findings »r a special ORC 
opinion poll at Hamilton, suggest- 
ing that Labour's impressive 
performance was due both to 
Britain's improved economic 
circumstances and to the high 
public standing of Mr. Callaghan 

While Mrs. Thatcher was con- 
sidered a successful leader of the 
Opposition by 61 per cent of Tory 
voters and 14 per cent of Labour 
supporters. the Prime Minister 
had the approval not only of 90 
p»er cent of his own followers, but 
42 per cent of Tory voters. 

While clamour for an October 
poll is prowinc — reinforced by 
the latest predictions from the 
National Institute of Economic 
and Social Research of harder 
times ahead — Mr. Callaghan still 
has the opportunity of using the 

outstanding by-elections at 
Penis tone and Manchester. Moss 
Side, as a barometer of Labour's 
electoral recovery in England. 

The broad choice before the 
Prime Minister is to hold the 
two polls in July (a date at the 
end of this month would not 
allow the local Labour parties 
time to organise their cam- 
paigns) or hold them over until 
the autumn and a likely General 

No decision has yet been 
taken, but Transport House is 
pushing ahead with its prepara- 
tions to allow Mr. Callaghan the 
option of July. While Penistone 
is virtually impregnable. Moss 
Side, in the key Lancashire 
region, would fall to the Tories 
on a string of 6.4 per cent — 
roughly in tine with their most 
recent by-election victories. 


'-But a failure there by the 
Conservatives would be a severe 
blow to party morale already 
sapped by Labour's strong come- 
back in the opinion polls and by 
a series of damaging internal 

However, the retreat of the 
nationalists in Scotland — albeit 
to Labour's advantage In Hamil- 
ton — is deeply pleasing to Tory 
planners. Mr. Aneus Maude, a 
close advisor of Mrs. Thatcher, 
forecast yesterday that the Con- 
servatives would regain six seats 
from the SNP at a general elec- 
tion. to crown its revival north 
of the border after the low point 
o£ October 1974. 

Ray Pennan writes: The Scot- 
tish National Party is likely lo 
harden its tactics for the General 
Election campaign to concentrate 
much more un independence and 
less on its support for devolution. 

The party urgently needs to 
learn from its recent setbacks in 
the Garscadden by-election, the 
regional council elections, and 
the Hamilton contest, since, if 
the swing against it cannot be 
reversed at least six of the eleven 
SNP MPs will lose their seats at 
the general election. 

In particular, the SNP will 
have to escape from the 
“ separatist ” tag pinned on it 
by Labour during the Hamilton 
campaign. One way of doing 
this would be io explain tnorc 
carefully the party's policy or 
independence v.ithin the Com- 
monwealth 3nd under the Crown. 

Mr. Stephen Maxwell, vice- 
chairman of the party, said: 
“ Whatever we would tike lo 
fight the next General Election 
on. our opponents are obviously 
going to fight on separatism, so 
we have got to go out to meet 
the challenge hy explaining what 
independence means — and. after 
all, that is what the party was 
set up to do.” 


G. Robertson (Lab) 18,880 

M. Macdonald (SNP) 12-388 

A. Scrymgeour (C) A818 

F. McDiarmid {L) 94? 

Labour majority 4,492 

Poll 72.1 per cent. 

Swing to Labour 4.5 per cent. 

Continued from Page 1 

U.S. protests 

than leaving each of the partici- 
pants to take individual measures. 

France. Germany. Italy. 
Canada. Japan, the U.S. and UK 
will attend the summit. . 

Details of the American contri- 
bution are still being worked out 
in Washington. Mr. Callaghan 
told Mr. Biumenthal. however, 
that he considered that steps by 
President Carter to implement an 
energy programme would be an 
essential ingredient of the sum- 
mit's success. 

Progress on energy could 
come either through Con- 
gressional approval of President 
Carter's existing energy pro- 
posals or through independent 
presidential action. The UK 
would also like to see US action 
to promote growth and curb 
inflation. I 

Meanwhile. British officials' 
were at pains to play down 
suggestions that remarks made 
by Mr. Callaghan at a Press con- 
ference here yesterday had been : 
intended as an attack on US 
policy on Africa. 

Mr. Callaghan spoke of "new 
Christopher Columbuses setting 
out front the U.S. to discover 
Africa for Ihe* first time.*' 

Today, it was stressed, that 
Mr. Callaghan's message that the 
West should not react over- 
hastilv to Soviet and Cuban 
intervention in Africa had been 
well received, both by President 
Carter and other heads of 
Government attending this 
week's NATO summit here. 

Officials here say it is now 
increasingly likely that France 
will make detailed proposals for 
an African pcaco-koepmg force 
to police Zaire's Shaba Province 
at Monday’s five-nation meeting 
in Paris un aid lo Zaire. 

After first reacting to the Idea 
wilb a distinct lack of 
enthusiasm, the UK is now ready 
to consider requests for back-up 
support for such «t force, as is 
t he U.S. 

MOSTLY dry with isolated 


London, E. Anglia, SJE. Cent. S.E., 
Cent N., NJE. England, Midlands, 

Channel Islands, Borders- 
Dry, sunny. Max. 24C (75F). 

S.W., N.W. England, Wales, 

Dry, sunny. Max. 22C <?2F). 
Isle of Man, S.W„ N.W. Scotland, 

N. Ireland. 

Cloudy, occasional rain. Max. 
17C (63F). 

Cent. Highlands, N.E. Scotland. 
Dry. rain later. Max. I7C to 
20C (63F to 68F). 

Orkney, Shetland. 

Dry, sunny. Max. 15C (59F). 
Outlook: Sunny, some thundery 










Cape Town 









isle of Man 

"C -K 
S 21 W 

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p 2(1 TV 
S 23 zi 
F 24 73 
S 20 68 
C 19 64 
S 14 TS 
S 22 73 
S 24 72 
V 23 73 
R 21 TV 
S 19 M 
S :s 77 
s an as 

s is 6i*. 
s la ui 

Las Pirns. 



Mai asj 















*C M F 
S 22 72 
F 22 72 
S 23 n 
S 21 74 
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F 22 72 
P 23 73 
C 14 M 
S *24 73 
S 35 77, 

S » 77 
s 20 es 
F =3 77 
F 23 73 
S 25 77 

S— Sonny. F— Kalr. C— ClomJp. 
Th — T bund cd arm. R — Rain. 


(up to 98% 

on “unearned” Income) 

Let it help children in great need 


Instead of sending so much of your interest 
straight to the taxman lend some of your 
capital to Action in Distress. The interest 
will be used to help give needy children in 
impoverished countries a chance in life— by 
teaching them a useful skill, and by providing 
supplementary food and clothing while they 
are learning. Your capital can be withdrawn 
at any time with one month’s notice after the 
first six months. Neither you nor the charity 
pay any tax on such a loan. 

Guarantee of Security : Your capital 
will be held and administered by the National 
Westminster Bank as Trustees. On these 

terms you can lend from £100 to £1 million 

in multiples of £100. 

Invest in Children’s Well-being: 

Send your cheque, payable to Action in 
Distress, or ask for further details for 

yourself of your financial advisers. 

Please write to me: The Rt. Hon. Christopher 
Chataway, Hon. Treasurer, Action in Distress, 

Dept. FTLOl, P.O. Box 69, 

59 Islington Park Street Nl 1QL. 

Rcginctvd “ wc Phi Office. Primal by sv Ctymewv Pre«s tar add 

to ihe Ftauicia TJaws Lie., Brack cn Bouse, Cjomq Sh«i. ViSmTec^ *£